Financials
Konica Minolta: FYE Mar 2026 and ten years of results (46 metrics)
FYE Mar 2026 · Revenue¥1.09tnYoY −3.6%
FYE Mar 2026 · Operating profit¥50bn
FYE Mar 2026 · Net profit¥30bn
FYE Mar 2026 · Equity ratio42.4%YoY +5.3pp
FYE Mar 2026 · Group employees34,363YoY −1,268
| Fiscal year | Revenue | YoY | Operating profit | YoY | Margin | Net profit | Chief executive | That year |
|---|---|---|---|---|---|---|---|---|
| FYE Mar 2017Consolidated | ¥963bn | n/a | ¥50bn | n/a | 5.2% | ¥32bn | Yamana Shoei | Healthcare sales arm absorbs the office-equipment arm to form Konica Minolta Japan |
| FYE Mar 2018Consolidated | ¥1.03tn | +7.1% | ¥54bn | +7.4% | 5.2% | ¥32bn | Yamana Shoei | Ambry Genetics Corporation of the United States acquired in October |
| FYE Mar 2019Consolidated | ¥1.06tn | +2.7% | ¥62bn | +16.0% | 5.9% | ¥42bn | Yamana Shoei | — |
| FYE Mar 2020Consolidated | ¥996bn | −6.0% | ¥8.2bn | −86.9% | 0.8% | -¥3.1bn | Yamana Shoei | Operating profit peaks in FY18, then falls to ¥8.2bn in FY19 |
| FYE Mar 2021Consolidated | ¥863bn | −13.3% | -¥16bn | −298.1% | -1.9% | -¥15bn | Yamana Shoei | — |
| FYE Mar 2022Consolidated | ¥911bn | +5.6% | -¥22bn | n/a | -2.4% | -¥26bn | Yamana Shoei | FY20 posts an operating loss of ¥16.3bn and a net loss of ¥15.2bn |
| FYE Mar 2023Consolidated | ¥1.13tn | +24.0% | -¥95bn | n/a | -8.4% | -¥103bn | Yamana Shoei | Yamana hands the presidency to <a class="en-history_person" href="/tse/4902/executives/ceo/daiko-toshimitsu/" hreflang="ja">Daiko Toshimitsu</a>; TSE Prime listing |
| FYE Mar 2024Consolidated | ¥1.11tn | −2.0% | ¥28bn | n/a | 2.5% | ¥4.5bn | Daiko Toshimitsu | FY22 revenue recovers to ¥1,130.4bn but the net loss reaches ¥103.1bn |
| FYE Mar 2025Consolidated | ¥1.13tn | +1.8% | -¥64bn | −332.4% | -5.7% | -¥47bn | Daiko Toshimitsu | Invicro, LLC transferred; toner alliance signed with Fujifilm Business Innovation |
| FYE Mar 2026Consolidated | ¥1.09tn | −3.6% | ¥50bn | n/a | 4.6% | ¥30bn | Daiko Toshimitsu | Transfer of all Ambry Genetics shares to Tempus AI completed in February |
How it compares
Seiko Epson¥1.41tnFY2025Operating margin 3.5%
Konica Minolta¥1.09tnFY2025Operating margin 4.6%
Brother Industries¥893bnFY2025Operating margin 8.7%Konica CorporationDissolved 2003
Minolta Co., Ltd.Delisted 2003Income statement Revenue, costs, each level of profit and the margins they leave
Where the revenue goes
¥ bnMargins
%Revenue net sales, operating revenue
FYE Mar 2026 ¥1.09tn
CAGR · 10 yrs +1.4%
| Fiscal year | Revenue ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 963 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 1,031 | +7.1% | Cons. · IFRS |
| FYE Mar 2019 | 1,059 | +2.7% | Cons. · IFRS |
| FYE Mar 2020 | 996 | −6.0% | Cons. · IFRS |
| FYE Mar 2021 | 863 | −13.3% | Cons. · IFRS |
| FYE Mar 2022 | 911 | +5.6% | Cons. · IFRS |
| FYE Mar 2023 | 1,130 | +24.0% | Cons. · IFRS |
| FYE Mar 2024 | 1,108 | −2.0% | Cons. · IFRS |
| FYE Mar 2025 | 1,128 | +1.8% | Cons. · IFRS |
| FYE Mar 2026 | 1,088 | −3.6% | Cons. · IFRS |
Cost of sales
FYE Mar 2026 ¥609bn
CAGR · 10 yrs +2.2%
| Fiscal year | Cost of sales ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 503 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 541 | +7.7% | Cons. · IFRS |
| FYE Mar 2019 | 550 | +1.6% | Cons. · IFRS |
| FYE Mar 2020 | 530 | −3.7% | Cons. · IFRS |
| FYE Mar 2021 | 489 | −7.7% | Cons. · IFRS |
| FYE Mar 2022 | 519 | +6.1% | Cons. · IFRS |
| FYE Mar 2023 | 644 | +24.2% | Cons. · IFRS |
| FYE Mar 2024 | 633 | −1.8% | Cons. · IFRS |
| FYE Mar 2025 | 648 | +2.5% | Cons. · IFRS |
| FYE Mar 2026 | 609 | −6.0% | Cons. · IFRS |
Gross profit
FYE Mar 2026 ¥478bn
CAGR · 10 yrs +0.4%
| Fiscal year | Gross profit ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 460 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 490 | +6.5% | Cons. · IFRS |
| FYE Mar 2019 | 509 | +3.9% | Cons. · IFRS |
| FYE Mar 2020 | 466 | −8.4% | Cons. · IFRS |
| FYE Mar 2021 | 375 | −19.7% | Cons. · IFRS |
| FYE Mar 2022 | 393 | +4.8% | Cons. · IFRS |
| FYE Mar 2023 | 486 | +23.7% | Cons. · IFRS |
| FYE Mar 2024 | 475 | −2.2% | Cons. · IFRS |
| FYE Mar 2025 | 479 | +0.9% | Cons. · IFRS |
| FYE Mar 2026 | 478 | −0.2% | Cons. · IFRS |
SG&A selling, general and administrative expenses
FYE Mar 2026 ¥425bn
CAGR · 10 yrs +0.2%
| Fiscal year | SG&A ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 417 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 444 | +6.6% | Cons. · IFRS |
| FYE Mar 2019 | 458 | +3.2% | Cons. · IFRS |
| FYE Mar 2020 | 443 | −3.3% | Cons. · IFRS |
| FYE Mar 2021 | 390 | −12.1% | Cons. · IFRS |
| FYE Mar 2022 | 405 | +3.9% | Cons. · IFRS |
| FYE Mar 2023 | 456 | +12.7% | Cons. · IFRS |
| FYE Mar 2024 | 442 | −3.2% | Cons. · IFRS |
| FYE Mar 2025 | 447 | +1.3% | Cons. · IFRS |
| FYE Mar 2026 | 425 | −5.0% | Cons. · IFRS |
Operating profit
FYE Mar 2026 ¥50bn
CAGR · 10 yrs −0.1%
| Fiscal year | Operating profit ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 50.1 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 53.8 | +7.4% | Cons. · IFRS |
| FYE Mar 2019 | 62.4 | +16.0% | Cons. · IFRS |
| FYE Mar 2020 | 8.2 | −86.9% | Cons. · IFRS |
| FYE Mar 2021 | -16.3 | −298.1% | Cons. · IFRS |
| FYE Mar 2022 | -22.3 | n/a | Cons. · IFRS |
| FYE Mar 2023 | -95.1 | n/a | Cons. · IFRS |
| FYE Mar 2024 | 27.5 | n/a | Cons. · IFRS |
| FYE Mar 2025 | -64.0 | −332.4% | Cons. · IFRS |
| FYE Mar 2026 | 49.9 | n/a | Cons. · IFRS |
Non-operating income
FYE Mar 2026 ¥4.8bn
CAGR · 10 yrs +6.6%
| Fiscal year | Non-operating income ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 2.7 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 3.8 | +38.7% | Cons. · IFRS |
| FYE Mar 2019 | 6.1 | +61.2% | Cons. · IFRS |
| FYE Mar 2020 | 4.9 | −19.2% | Cons. · IFRS |
| FYE Mar 2021 | 5.0 | +1.8% | Cons. · IFRS |
| FYE Mar 2022 | 6.9 | +37.6% | Cons. · IFRS |
| FYE Mar 2023 | 4.0 | −41.6% | Cons. · IFRS |
| FYE Mar 2024 | 3.1 | −23.1% | Cons. · IFRS |
| FYE Mar 2025 | 3.3 | +5.7% | Cons. · IFRS |
| FYE Mar 2026 | 4.8 | +48.1% | Cons. · IFRS |
Non-operating expenses
FYE Mar 2026 ¥11bn
CAGR · 10 yrs +14.1%
| Fiscal year | Non-operating expenses ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 3.5 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 7.9 | +127.5% | Cons. · IFRS |
| FYE Mar 2019 | 7.8 | −1.0% | Cons. · IFRS |
| FYE Mar 2020 | 12.6 | +62.0% | Cons. · IFRS |
| FYE Mar 2021 | 8.8 | −30.5% | Cons. · IFRS |
| FYE Mar 2022 | 8.2 | −6.2% | Cons. · IFRS |
| FYE Mar 2023 | 10.7 | +30.0% | Cons. · IFRS |
| FYE Mar 2024 | 15.1 | +41.2% | Cons. · IFRS |
| FYE Mar 2025 | 18.4 | +22.2% | Cons. · IFRS |
| FYE Mar 2026 | 11.3 | −38.7% | Cons. · IFRS |
Net profit profit attributable to owners of the parent
FYE Mar 2026 ¥30bn
CAGR · 10 yrs −0.5%
| Fiscal year | Net profit ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 31.5 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 32.2 | +2.2% | Cons. · IFRS |
| FYE Mar 2019 | 41.7 | +29.3% | Cons. · IFRS |
| FYE Mar 2020 | -3.1 | −107.4% | Cons. · IFRS |
| FYE Mar 2021 | -15.2 | n/a | Cons. · IFRS |
| FYE Mar 2022 | -26.1 | n/a | Cons. · IFRS |
| FYE Mar 2023 | -103 | n/a | Cons. · IFRS |
| FYE Mar 2024 | 4.5 | n/a | Cons. · IFRS |
| FYE Mar 2025 | -47.5 | −1150.3% | Cons. · IFRS |
| FYE Mar 2026 | 30.3 | n/a | Cons. · IFRS |
Gross margin
FYE Mar 2026 44.0%
Average · 10 yrs 44.9%
| Fiscal year | Gross margin % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 47.8 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 47.5 | −0.3pp | Cons. · IFRS |
| FYE Mar 2019 | 48.0 | +0.6pp | Cons. · IFRS |
| FYE Mar 2020 | 46.8 | −1.2pp | Cons. · IFRS |
| FYE Mar 2021 | 43.4 | −3.4pp | Cons. · IFRS |
| FYE Mar 2022 | 43.1 | −0.3pp | Cons. · IFRS |
| FYE Mar 2023 | 43.0 | −0.1pp | Cons. · IFRS |
| FYE Mar 2024 | 42.9 | −0.1pp | Cons. · IFRS |
| FYE Mar 2025 | 42.5 | −0.4pp | Cons. · IFRS |
| FYE Mar 2026 | 44.0 | +1.5pp | Cons. · IFRS |
Operating margin
FYE Mar 2026 4.6%
Average · 10 yrs 0.6%
| Fiscal year | Operating margin % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 5.2 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 5.2 | −0.0pp | Cons. · IFRS |
| FYE Mar 2019 | 5.9 | +0.7pp | Cons. · IFRS |
| FYE Mar 2020 | 0.8 | −5.1pp | Cons. · IFRS |
| FYE Mar 2021 | -1.9 | −2.7pp | Cons. · IFRS |
| FYE Mar 2022 | -2.4 | −0.6pp | Cons. · IFRS |
| FYE Mar 2023 | -8.4 | −6.0pp | Cons. · IFRS |
| FYE Mar 2024 | 2.5 | +10.9pp | Cons. · IFRS |
| FYE Mar 2025 | -5.7 | −8.2pp | Cons. · IFRS |
| FYE Mar 2026 | 4.6 | +10.3pp | Cons. · IFRS |
Net margin
FYE Mar 2026 2.8%
Average · 10 yrs -0.5%
| Fiscal year | Net margin % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 3.3 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 3.1 | −0.1pp | Cons. · IFRS |
| FYE Mar 2019 | 3.9 | +0.8pp | Cons. · IFRS |
| FYE Mar 2020 | -0.3 | −4.2pp | Cons. · IFRS |
| FYE Mar 2021 | -1.8 | −1.5pp | Cons. · IFRS |
| FYE Mar 2022 | -2.9 | −1.1pp | Cons. · IFRS |
| FYE Mar 2023 | -9.1 | −6.3pp | Cons. · IFRS |
| FYE Mar 2024 | 0.4 | +9.5pp | Cons. · IFRS |
| FYE Mar 2025 | -4.2 | −4.6pp | Cons. · IFRS |
| FYE Mar 2026 | 2.8 | +7.0pp | Cons. · IFRS |
Cost-of-sales ratio
FYE Mar 2026 56.0%
Average · 10 yrs 55.1%
| Fiscal year | Cost-of-sales ratio % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 52.2 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 52.5 | +0.3pp | Cons. · IFRS |
| FYE Mar 2019 | 52.0 | −0.6pp | Cons. · IFRS |
| FYE Mar 2020 | 53.2 | +1.2pp | Cons. · IFRS |
| FYE Mar 2021 | 56.6 | +3.4pp | Cons. · IFRS |
| FYE Mar 2022 | 56.9 | +0.3pp | Cons. · IFRS |
| FYE Mar 2023 | 57.0 | +0.1pp | Cons. · IFRS |
| FYE Mar 2024 | 57.1 | +0.1pp | Cons. · IFRS |
| FYE Mar 2025 | 57.5 | +0.4pp | Cons. · IFRS |
| FYE Mar 2026 | 56.0 | −1.5pp | Cons. · IFRS |
SG&A ratio
FYE Mar 2026 39.1%
Average · 10 yrs 42.3%
| Fiscal year | SG&A ratio % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 43.3 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 43.1 | −0.2pp | Cons. · IFRS |
| FYE Mar 2019 | 43.3 | +0.2pp | Cons. · IFRS |
| FYE Mar 2020 | 44.5 | +1.2pp | Cons. · IFRS |
| FYE Mar 2021 | 45.1 | +0.7pp | Cons. · IFRS |
| FYE Mar 2022 | 44.4 | −0.7pp | Cons. · IFRS |
| FYE Mar 2023 | 40.4 | −4.1pp | Cons. · IFRS |
| FYE Mar 2024 | 39.9 | −0.5pp | Cons. · IFRS |
| FYE Mar 2025 | 39.7 | −0.2pp | Cons. · IFRS |
| FYE Mar 2026 | 39.1 | −0.6pp | Cons. · IFRS |
Balance sheet Assets, debt and equity, and what they say about financial strength
What the balance sheet is made of
¥ bnFinancial strength
%Total assets
FYE Mar 2026 ¥1.23tn
CAGR · 10 yrs +2.3%
| Fiscal year | Total assets ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 1,005 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 1,204 | +19.7% | Cons. · IFRS |
| FYE Mar 2019 | 1,219 | +1.3% | Cons. · IFRS |
| FYE Mar 2020 | 1,277 | +4.7% | Cons. · IFRS |
| FYE Mar 2021 | 1,300 | +1.8% | Cons. · IFRS |
| FYE Mar 2022 | 1,338 | +3.0% | Cons. · IFRS |
| FYE Mar 2023 | 1,414 | +5.7% | Cons. · IFRS |
| FYE Mar 2024 | 1,388 | −1.8% | Cons. · IFRS |
| FYE Mar 2025 | 1,218 | −12.3% | Cons. · IFRS |
| FYE Mar 2026 | 1,235 | +1.4% | Cons. · IFRS |
Equity net assets, shareholders' equity
FYE Mar 2026 ¥524bn
CAGR · 10 yrs −0.0%
| Fiscal year | Equity ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 524 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 513 | −2.1% | Cons. · IFRS |
| FYE Mar 2019 | 545 | +6.2% | Cons. · IFRS |
| FYE Mar 2020 | 514 | −5.8% | Cons. · IFRS |
| FYE Mar 2021 | 529 | +3.0% | Cons. · IFRS |
| FYE Mar 2022 | 538 | +1.7% | Cons. · IFRS |
| FYE Mar 2023 | 475 | −11.7% | Cons. · IFRS |
| FYE Mar 2024 | 526 | +10.8% | Cons. · IFRS |
| FYE Mar 2025 | 452 | −14.1% | Cons. · IFRS |
| FYE Mar 2026 | 524 | +15.9% | Cons. · IFRS |
Interest-bearing debt
FYE Mar 2026 ¥330bn
CAGR · 10 yrs +6.6%
| Fiscal year | Interest-bearing debt ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 186 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 294 | +58.3% | Cons. · IFRS |
| FYE Mar 2019 | 274 | −6.8% | Cons. · IFRS |
| FYE Mar 2020 | 289 | +5.7% | Cons. · IFRS |
| FYE Mar 2021 | 315 | +9.0% | Cons. · IFRS |
| FYE Mar 2022 | 354 | +12.4% | Cons. · IFRS |
| FYE Mar 2023 | 469 | +32.4% | Cons. · IFRS |
| FYE Mar 2024 | 427 | −9.1% | Cons. · IFRS |
| FYE Mar 2025 | 343 | −19.5% | Cons. · IFRS |
| FYE Mar 2026 | 330 | −4.0% | Cons. · IFRS |
Short-term borrowings
FYE Mar 2026 ¥114bn
CAGR · 10 yrs +11.9%
| Fiscal year | Short-term borrowings ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 41.3 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 33.1 | −19.8% | Cons. · IFRS |
| FYE Mar 2019 | 24.6 | −25.6% | Cons. · IFRS |
| FYE Mar 2020 | 59.3 | +140.5% | Cons. · IFRS |
| FYE Mar 2021 | 92.1 | +55.4% | Cons. · IFRS |
| FYE Mar 2022 | 195 | +111.4% | Cons. · IFRS |
| FYE Mar 2023 | 284 | +46.1% | Cons. · IFRS |
| FYE Mar 2024 | 198 | −30.2% | Cons. · IFRS |
| FYE Mar 2025 | 130 | −34.6% | Cons. · IFRS |
| FYE Mar 2026 | 114 | −12.3% | Cons. · IFRS |
Long-term borrowings
FYE Mar 2026 ¥216bn
CAGR · 10 yrs +4.6%
| Fiscal year | Long-term borrowings ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 144 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 261 | +80.7% | Cons. · IFRS |
| FYE Mar 2019 | 249 | −4.4% | Cons. · IFRS |
| FYE Mar 2020 | 230 | −7.7% | Cons. · IFRS |
| FYE Mar 2021 | 223 | −2.9% | Cons. · IFRS |
| FYE Mar 2022 | 160 | −28.5% | Cons. · IFRS |
| FYE Mar 2023 | 185 | +15.8% | Cons. · IFRS |
| FYE Mar 2024 | 228 | +23.5% | Cons. · IFRS |
| FYE Mar 2025 | 214 | −6.4% | Cons. · IFRS |
| FYE Mar 2026 | 216 | +1.1% | Cons. · IFRS |
Intangible assets
FYE Mar 2026 ¥49bn
CAGR · 10 yrs −15.0%
| Fiscal year | Intangible assets ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 210 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 109 | −47.9% | Cons. · IFRS |
| FYE Mar 2019 | 111 | +1.9% | Cons. · IFRS |
| FYE Mar 2020 | 106 | −4.4% | Cons. · IFRS |
| FYE Mar 2021 | 106 | −0.2% | Cons. · IFRS |
| FYE Mar 2022 | 108 | +1.3% | Cons. · IFRS |
| FYE Mar 2023 | 105 | −2.1% | Cons. · IFRS |
| FYE Mar 2024 | 107 | +1.8% | Cons. · IFRS |
| FYE Mar 2025 | 45.0 | −58.0% | Cons. · IFRS |
| FYE Mar 2026 | 48.6 | +7.9% | Cons. · IFRS |
Goodwill
FYE Mar 2026 ¥134bn
CAGR · 9 yrs −6.2%
| Fiscal year | Goodwill ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | n/a | n/a | Cons. · IFRS |
| FYE Mar 2018 | 224 | n/a | Cons. · IFRS |
| FYE Mar 2019 | 235 | +5.1% | Cons. · IFRS |
| FYE Mar 2020 | 231 | −1.5% | Cons. · IFRS |
| FYE Mar 2021 | 241 | +4.3% | Cons. · IFRS |
| FYE Mar 2022 | 247 | +2.2% | Cons. · IFRS |
| FYE Mar 2023 | 154 | −37.7% | Cons. · IFRS |
| FYE Mar 2024 | 164 | +6.7% | Cons. · IFRS |
| FYE Mar 2025 | 126 | −22.9% | Cons. · IFRS |
| FYE Mar 2026 | 134 | +6.3% | Cons. · IFRS |
Equity ratio
FYE Mar 2026 42.4%
Average · 10 yrs 41.2%
| Fiscal year | Equity ratio % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 52.1 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 42.6 | −9.5pp | Cons. · IFRS |
| FYE Mar 2019 | 44.7 | +2.1pp | Cons. · IFRS |
| FYE Mar 2020 | 40.2 | −4.5pp | Cons. · IFRS |
| FYE Mar 2021 | 40.7 | +0.5pp | Cons. · IFRS |
| FYE Mar 2022 | 40.2 | −0.5pp | Cons. · IFRS |
| FYE Mar 2023 | 33.6 | −6.6pp | Cons. · IFRS |
| FYE Mar 2024 | 37.9 | +4.3pp | Cons. · IFRS |
| FYE Mar 2025 | 37.1 | −0.8pp | Cons. · IFRS |
| FYE Mar 2026 | 42.4 | +5.3pp | Cons. · IFRS |
Debt-to-equity ratio D/E ratio
FYE Mar 2026 62.9%
Average · 10 yrs 64.3%
| Fiscal year | Debt-to-equity ratio % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 35.4 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 57.2 | +21.8pp | Cons. · IFRS |
| FYE Mar 2019 | 50.2 | −7.0pp | Cons. · IFRS |
| FYE Mar 2020 | 56.3 | +6.1pp | Cons. · IFRS |
| FYE Mar 2021 | 59.6 | +3.3pp | Cons. · IFRS |
| FYE Mar 2022 | 65.8 | +6.2pp | Cons. · IFRS |
| FYE Mar 2023 | 98.8 | +32.9pp | Cons. · IFRS |
| FYE Mar 2024 | 81.1 | −17.7pp | Cons. · IFRS |
| FYE Mar 2025 | 75.9 | −5.2pp | Cons. · IFRS |
| FYE Mar 2026 | 62.9 | −13.0pp | Cons. · IFRS |
ROE return on equity
FYE Mar 2026 5.8%
Average · 10 yrs -1.4%
| Fiscal year | ROE % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 6.0 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 6.3 | +0.3pp | Cons. · IFRS |
| FYE Mar 2019 | 7.6 | +1.4pp | Cons. · IFRS |
| FYE Mar 2020 | -0.6 | −8.2pp | Cons. · IFRS |
| FYE Mar 2021 | -2.9 | −2.3pp | Cons. · IFRS |
| FYE Mar 2022 | -4.9 | −2.0pp | Cons. · IFRS |
| FYE Mar 2023 | -21.7 | −16.9pp | Cons. · IFRS |
| FYE Mar 2024 | 0.9 | +22.6pp | Cons. · IFRS |
| FYE Mar 2025 | -10.5 | −11.4pp | Cons. · IFRS |
| FYE Mar 2026 | 5.8 | +16.3pp | Cons. · IFRS |
ROA return on assets
FYE Mar 2026 2.5%
Average · 10 yrs -0.3%
| Fiscal year | ROA % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 3.1 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 2.7 | −0.5pp | Cons. · IFRS |
| FYE Mar 2019 | 3.4 | +0.7pp | Cons. · IFRS |
| FYE Mar 2020 | -0.2 | −3.7pp | Cons. · IFRS |
| FYE Mar 2021 | -1.2 | −0.9pp | Cons. · IFRS |
| FYE Mar 2022 | -2.0 | −0.8pp | Cons. · IFRS |
| FYE Mar 2023 | -7.3 | −5.3pp | Cons. · IFRS |
| FYE Mar 2024 | 0.3 | +7.6pp | Cons. · IFRS |
| FYE Mar 2025 | -3.9 | −4.2pp | Cons. · IFRS |
| FYE Mar 2026 | 2.5 | +6.4pp | Cons. · IFRS |
Asset turnover
FYE Mar 2026 0.88×
CAGR · 10 yrs −0.9%
| Fiscal year | Asset turnover × | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 0.96 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 0.86 | −10.5% | Cons. · IFRS |
| FYE Mar 2019 | 0.87 | +1.4% | Cons. · IFRS |
| FYE Mar 2020 | 0.78 | −10.2% | Cons. · IFRS |
| FYE Mar 2021 | 0.66 | −14.9% | Cons. · IFRS |
| FYE Mar 2022 | 0.68 | +2.5% | Cons. · IFRS |
| FYE Mar 2023 | 0.80 | +17.4% | Cons. · IFRS |
| FYE Mar 2024 | 0.80 | −0.2% | Cons. · IFRS |
| FYE Mar 2025 | 0.93 | +16.1% | Cons. · IFRS |
| FYE Mar 2026 | 0.88 | −4.9% | Cons. · IFRS |
Cash flow statement Cash from operations, investment and financing, and what is left on hand
The three cash flows
¥ bnCash against debt
¥ bnOperating cash flow
FYE Mar 2026 ¥86bn
CAGR · 10 yrs +2.6%
| Fiscal year | Operating cash flow ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 68.7 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 65.4 | −4.8% | Cons. · IFRS |
| FYE Mar 2019 | 57.2 | −12.5% | Cons. · IFRS |
| FYE Mar 2020 | 30.1 | −47.3% | Cons. · IFRS |
| FYE Mar 2021 | 78.1 | +158.9% | Cons. · IFRS |
| FYE Mar 2022 | 37.4 | −52.0% | Cons. · IFRS |
| FYE Mar 2023 | 13.3 | −64.4% | Cons. · IFRS |
| FYE Mar 2024 | 83.3 | +525.7% | Cons. · IFRS |
| FYE Mar 2025 | 51.1 | −38.7% | Cons. · IFRS |
| FYE Mar 2026 | 86.3 | +68.9% | Cons. · IFRS |
Investing cash flow
FYE Mar 2026 -¥34bn
Average · 10 yrs -¥47bn
| Fiscal year | Investing cash flow ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | -70.6 | n/a | Cons. · IFRS |
| FYE Mar 2018 | -134 | n/a | Cons. · IFRS |
| FYE Mar 2019 | -41.5 | n/a | Cons. · IFRS |
| FYE Mar 2020 | -50.0 | n/a | Cons. · IFRS |
| FYE Mar 2021 | -34.3 | n/a | Cons. · IFRS |
| FYE Mar 2022 | -51.0 | n/a | Cons. · IFRS |
| FYE Mar 2023 | -37.5 | n/a | Cons. · IFRS |
| FYE Mar 2024 | -44.5 | n/a | Cons. · IFRS |
| FYE Mar 2025 | 24.6 | n/a | Cons. · IFRS |
| FYE Mar 2026 | -34.0 | −238.2% | Cons. · IFRS |
Financing cash flow
FYE Mar 2026 -¥40bn
Average · 10 yrs -¥10bn
| Fiscal year | Financing cash flow ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | -2.3 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 127 | n/a | Cons. · IFRS |
| FYE Mar 2019 | -40.2 | −131.8% | Cons. · IFRS |
| FYE Mar 2020 | -11.9 | n/a | Cons. · IFRS |
| FYE Mar 2021 | -13.1 | n/a | Cons. · IFRS |
| FYE Mar 2022 | 2.1 | n/a | Cons. · IFRS |
| FYE Mar 2023 | 84.3 | +3868.0% | Cons. · IFRS |
| FYE Mar 2024 | -96.9 | −214.9% | Cons. · IFRS |
| FYE Mar 2025 | -111 | n/a | Cons. · IFRS |
| FYE Mar 2026 | -40.3 | n/a | Cons. · IFRS |
Cash and equivalents
FYE Mar 2026 ¥111bn
CAGR · 10 yrs +2.0%
| Fiscal year | Cash and equivalents ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 92.6 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 150 | +61.8% | Cons. · IFRS |
| FYE Mar 2019 | 125 | −16.7% | Cons. · IFRS |
| FYE Mar 2020 | 89.9 | −28.0% | Cons. · IFRS |
| FYE Mar 2021 | 124 | +37.7% | Cons. · IFRS |
| FYE Mar 2022 | 118 | −5.0% | Cons. · IFRS |
| FYE Mar 2023 | 181 | +53.5% | Cons. · IFRS |
| FYE Mar 2024 | 130 | −28.2% | Cons. · IFRS |
| FYE Mar 2025 | 92.9 | −28.3% | Cons. · IFRS |
| FYE Mar 2026 | 111 | +19.2% | Cons. · IFRS |
Free cash flow
FYE Mar 2026 ¥52bn
Average · 10 yrs ¥9.8bn
| Fiscal year | FCF ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | -1.9 | n/a | Cons. · IFRS |
| FYE Mar 2018 | -68.4 | n/a | Cons. · IFRS |
| FYE Mar 2019 | 15.7 | n/a | Cons. · IFRS |
| FYE Mar 2020 | -19.9 | −226.8% | Cons. · IFRS |
| FYE Mar 2021 | 43.7 | n/a | Cons. · IFRS |
| FYE Mar 2022 | -13.6 | −131.0% | Cons. · IFRS |
| FYE Mar 2023 | -24.2 | n/a | Cons. · IFRS |
| FYE Mar 2024 | 38.8 | n/a | Cons. · IFRS |
| FYE Mar 2025 | 75.7 | +95.1% | Cons. · IFRS |
| FYE Mar 2026 | 52.3 | −31.0% | Cons. · IFRS |
Operating cash flow margin
FYE Mar 2026 7.9%
Average · 10 yrs 5.6%
| Fiscal year | OCF margin % | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 7.1 | n/a | Cons. · IFRS |
| FYE Mar 2018 | 6.3 | −0.8pp | Cons. · IFRS |
| FYE Mar 2019 | 5.4 | −0.9pp | Cons. · IFRS |
| FYE Mar 2020 | 3.0 | −2.4pp | Cons. · IFRS |
| FYE Mar 2021 | 9.0 | +6.0pp | Cons. · IFRS |
| FYE Mar 2022 | 4.1 | −4.9pp | Cons. · IFRS |
| FYE Mar 2023 | 1.2 | −2.9pp | Cons. · IFRS |
| FYE Mar 2024 | 7.5 | +6.3pp | Cons. · IFRS |
| FYE Mar 2025 | 4.5 | −3.0pp | Cons. · IFRS |
| FYE Mar 2026 | 7.9 | +3.4pp | Cons. · IFRS |
Net cash
FYE Mar 2026 -¥219bn
Average · 10 yrs -¥207bn
| Fiscal year | Net cash ¥ bn | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | -92.9 | n/a | Cons. · IFRS |
| FYE Mar 2018 | -144 | n/a | Cons. · IFRS |
| FYE Mar 2019 | -149 | n/a | Cons. · IFRS |
| FYE Mar 2020 | -199 | n/a | Cons. · IFRS |
| FYE Mar 2021 | -191 | n/a | Cons. · IFRS |
| FYE Mar 2022 | -237 | n/a | Cons. · IFRS |
| FYE Mar 2023 | -289 | n/a | Cons. · IFRS |
| FYE Mar 2024 | -297 | n/a | Cons. · IFRS |
| FYE Mar 2025 | -250 | n/a | Cons. · IFRS |
| FYE Mar 2026 | -219 | n/a | Cons. · IFRS |
Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples
Market capitalisation
FYE Mar 2026 ¥259bn
Change · 5 yrs −¥240bn
| Fiscal year | Market capitalisation ¥ bn | Basis |
|---|---|---|
| FYE Mar 2017 | 499 | n/a |
| FYE Mar 2018 | 459 | n/a |
| FYE Mar 2019 | 547 | n/a |
| FYE Mar 2020 | n/a | n/a |
| FYE Mar 2021 | n/a | n/a |
| FYE Mar 2022 | n/a | n/a |
| FYE Mar 2023 | n/a | n/a |
| FYE Mar 2024 | 250 | n/a |
| FYE Mar 2025 | n/a | n/a |
| FYE Mar 2026 | 259 | n/a |
Share price year-end close
FYE Mar 2026 515¥
Change · 5 yrs −478¥
| Fiscal year | Share price ¥ | Basis |
|---|---|---|
| FYE Mar 2017 | 993 | n/a |
| FYE Mar 2018 | 912 | n/a |
| FYE Mar 2019 | 1,088 | n/a |
| FYE Mar 2020 | n/a | n/a |
| FYE Mar 2021 | n/a | n/a |
| FYE Mar 2022 | n/a | n/a |
| FYE Mar 2023 | n/a | n/a |
| FYE Mar 2024 | 497 | n/a |
| FYE Mar 2025 | n/a | n/a |
| FYE Mar 2026 | 515 | n/a |
EPS earnings per share
FYE Mar 2026 61.25¥
Change · 10 yrs −2.40¥
| Fiscal year | EPS ¥ | Basis |
|---|---|---|
| FYE Mar 2017 | 63.65 | Cons. |
| FYE Mar 2018 | 65.17 | Cons. |
| FYE Mar 2019 | 84.33 | Cons. |
| FYE Mar 2020 | -6.21 | Cons. |
| FYE Mar 2021 | -30.75 | Cons. |
| FYE Mar 2022 | -52.93 | Cons. |
| FYE Mar 2023 | -208.89 | Cons. |
| FYE Mar 2024 | 9.15 | Cons. |
| FYE Mar 2025 | -95.98 | Cons. |
| FYE Mar 2026 | 61.25 | Cons. |
BPS book value per share
FYE Mar 2026 1,042.52¥
Change · 10 yrs −0.58¥
| Fiscal year | BPS ¥ | Basis |
|---|---|---|
| FYE Mar 2017 | 1,043.10 | Cons. · IFRS |
| FYE Mar 2018 | 1,021.43 | Cons. · IFRS |
| FYE Mar 2019 | 1,085.01 | Cons. · IFRS |
| FYE Mar 2020 | 1,022.00 | Cons. · IFRS |
| FYE Mar 2021 | 1,052.54 | Cons. · IFRS |
| FYE Mar 2022 | 1,070.54 | Cons. · IFRS |
| FYE Mar 2023 | 944.91 | Cons. · IFRS |
| FYE Mar 2024 | 1,046.92 | Cons. · IFRS |
| FYE Mar 2025 | 899.67 | Cons. · IFRS |
| FYE Mar 2026 | 1,042.52 | Cons. · IFRS |
PER price-to-earnings ratio
FYE Mar 2026 8.40×
Average · 5 yrs 21.04×
| Fiscal year | PER × | Basis |
|---|---|---|
| FYE Mar 2017 | 15.60 | Cons. |
| FYE Mar 2018 | 14.00 | Cons. |
| FYE Mar 2019 | 12.90 | Cons. |
| FYE Mar 2020 | n/a | Cons. |
| FYE Mar 2021 | n/a | Cons. |
| FYE Mar 2022 | n/a | Cons. |
| FYE Mar 2023 | n/a | Cons. |
| FYE Mar 2024 | 54.30 | Cons. |
| FYE Mar 2025 | n/a | Cons. |
| FYE Mar 2026 | 8.40 | Cons. |
PBR price-to-book ratio
FYE Mar 2026 0.47×
Average · 5 yrs 0.74×
| Fiscal year | PBR × | Basis |
|---|---|---|
| FYE Mar 2017 | 0.94 | Cons. |
| FYE Mar 2018 | 0.86 | Cons. |
| FYE Mar 2019 | 0.97 | Cons. |
| FYE Mar 2020 | n/a | Cons. |
| FYE Mar 2021 | n/a | Cons. |
| FYE Mar 2022 | n/a | Cons. |
| FYE Mar 2023 | n/a | Cons. |
| FYE Mar 2024 | 0.46 | Cons. |
| FYE Mar 2025 | n/a | Cons. |
| FYE Mar 2026 | 0.47 | Cons. |
Workforce and productivity Headcount, pay and what each employee accounts for
Group employees
FYE Mar 2026 34,363people
Change · 10 yrs −9,616 people
| Fiscal year | Group employees people | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 43,979 | n/a | Cons. |
| FYE Mar 2018 | 43,299 | −1.5% | Cons. |
| FYE Mar 2019 | 44,360 | +2.5% | Cons. |
| FYE Mar 2020 | 43,961 | −0.9% | Cons. |
| FYE Mar 2021 | 40,979 | −6.8% | Cons. |
| FYE Mar 2022 | 39,121 | −4.5% | Cons. |
| FYE Mar 2023 | 39,775 | +1.7% | Cons. |
| FYE Mar 2024 | 40,015 | +0.6% | Cons. |
| FYE Mar 2025 | 35,631 | −11.0% | Cons. |
| FYE Mar 2026 | 34,363 | −3.6% | Cons. |
Parent-company employees
FYE Mar 2026 3,888people
Change · 10 yrs −1,882 people
| Fiscal year | Parent-company employees people | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 5,770 | n/a | Parent |
| FYE Mar 2018 | 5,282 | −8.5% | Parent |
| FYE Mar 2019 | 5,207 | −1.4% | Parent |
| FYE Mar 2020 | 5,102 | −2.0% | Parent |
| FYE Mar 2021 | 4,910 | −3.8% | Parent |
| FYE Mar 2022 | 4,545 | −7.4% | Parent |
| FYE Mar 2023 | 4,407 | −3.0% | Parent |
| FYE Mar 2024 | 4,269 | −3.1% | Parent |
| FYE Mar 2025 | 3,922 | −8.1% | Parent |
| FYE Mar 2026 | 3,888 | −0.9% | Parent |
Average annual pay parent company
FYE Mar 2026 ¥8.4m
Change · 10 yrs +¥0.9m
| Fiscal year | Average annual pay ¥ m | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 7.5 | n/a | Parent |
| FYE Mar 2018 | 7.4 | −0.9% | Parent |
| FYE Mar 2019 | 7.5 | +0.9% | Parent |
| FYE Mar 2020 | 7.3 | −2.9% | Parent |
| FYE Mar 2021 | 7.5 | +3.6% | Parent |
| FYE Mar 2022 | 7.5 | −0.9% | Parent |
| FYE Mar 2023 | 7.4 | −0.5% | Parent |
| FYE Mar 2024 | 8.0 | +7.3% | Parent |
| FYE Mar 2025 | 8.2 | +2.8% | Parent |
| FYE Mar 2026 | 8.4 | +2.8% | Parent |
Average age
FYE Mar 2026 46.4years
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 | 45.4 | n/a | Parent |
| FYE Mar 2020 | 45.6 | +0.4% | Parent |
| FYE Mar 2021 | 45.9 | +0.7% | Parent |
| FYE Mar 2022 | 46.5 | +1.3% | Parent |
| FYE Mar 2023 | 46.8 | +0.6% | Parent |
| FYE Mar 2024 | 46.5 | −0.6% | Parent |
| FYE Mar 2025 | 46.3 | −0.4% | Parent |
| FYE Mar 2026 | 46.4 | +0.2% | Parent |
Average length of service
FYE Mar 2026 20.7years
Change · 10 yrs +0.1 years
| Fiscal year | Average length of service years | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 20.6 | n/a | Parent |
| FYE Mar 2018 | 20.8 | +1.0% | Parent |
| FYE Mar 2019 | 21.1 | +1.4% | Parent |
| FYE Mar 2020 | 21.1 | −0.0% | Parent |
| FYE Mar 2021 | 21.1 | −0.0% | Parent |
| FYE Mar 2022 | 20.8 | −1.4% | Parent |
| FYE Mar 2023 | 21.9 | +5.3% | Parent |
| FYE Mar 2024 | 21.3 | −2.7% | Parent |
| FYE Mar 2025 | 20.8 | −2.3% | Parent |
| FYE Mar 2026 | 20.7 | −0.5% | Parent |
Revenue per employee
FYE Mar 2026 ¥31.7m
Change · 10 yrs +¥9.8m
| Fiscal year | Revenue per employee ¥ m | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 21.9 | n/a | Cons. |
| FYE Mar 2018 | 23.8 | +8.8% | Cons. |
| FYE Mar 2019 | 23.9 | +0.2% | Cons. |
| FYE Mar 2020 | 22.7 | −5.1% | Cons. |
| FYE Mar 2021 | 21.1 | −7.0% | Cons. |
| FYE Mar 2022 | 23.3 | +10.6% | Cons. |
| FYE Mar 2023 | 28.4 | +22.0% | Cons. |
| FYE Mar 2024 | 27.7 | −2.6% | Cons. |
| FYE Mar 2025 | 31.7 | +14.3% | Cons. |
| FYE Mar 2026 | 31.7 | −0.0% | Cons. |
Operating profit per employee
FYE Mar 2026 ¥1.5m
Change · 10 yrs +¥0.3m
| Fiscal year | OP per employee ¥ m | YoY | Basis |
|---|---|---|---|
| FYE Mar 2017 | 1.1 | n/a | Cons. |
| FYE Mar 2018 | 1.2 | +9.1% | Cons. |
| FYE Mar 2019 | 1.4 | +13.2% | Cons. |
| FYE Mar 2020 | 0.2 | −86.7% | Cons. |
| FYE Mar 2021 | -0.4 | −312.5% | Cons. |
| FYE Mar 2022 | -0.6 | n/a | Cons. |
| FYE Mar 2023 | -2.4 | n/a | Cons. |
| FYE Mar 2024 | 0.7 | n/a | Cons. |
| FYE Mar 2025 | -1.8 | −361.0% | Cons. |
| FYE Mar 2026 | 1.5 | n/a | Cons. |
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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