Financials

Tokai Carbon: FYE Dec 2025 and ten years of results (52 metrics)

FYE Dec 2025 · Revenue¥323bnYoY −7.8%

FYE Dec 2025 · Operating profit¥26bnYoY +33.3%

FYE Dec 2025 · Net profit¥20bn

FYE Dec 2025 · Equity ratio47.9%YoY +3.0pp

FYE Dec 2025 · Group employees4,436YoY −189

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥89bn	n/a	¥1.1bn	n/a	1.3%	-¥7.9bn	Nagasaka Hajime	First net loss in company history, ¥7.9bn
FYE Dec 2017Consolidated	¥106bn	+20.0%	¥11bn	+880.8%	10.4%	¥12bn	Nagasaka Hajime	SGL GE acquired, completing an Asia–North America–Europe electrode network
FYE Dec 2018Consolidated	¥231bn	+117.7%	¥73bn	+558.7%	31.6%	¥73bn	Nagasaka Hajime	Sid Richardson Carbon acquired; record sales ¥231.3bn, operating profit ¥73.1bn
FYE Dec 2019Consolidated	¥262bn	+13.3%	¥54bn	−25.6%	20.7%	¥32bn	Nagasaka Hajime	COBEX Holdco acquired, adding smelting and lining
FYE Dec 2020Consolidated	¥202bn	−23.1%	¥7.9bn	−85.5%	3.9%	¥1.0bn	Nagasaka Hajime	—
FYE Dec 2021Consolidated	¥259bn	+28.4%	¥25bn	+213.7%	9.5%	¥16bn	Nagasaka Hajime	—
FYE Dec 2022Consolidated	¥340bn	+31.5%	¥41bn	+64.7%	11.9%	¥22bn	Nagasaka Hajime	—
FYE Dec 2023Consolidated	¥364bn	+6.9%	¥39bn	−4.6%	10.6%	¥25bn	Nagasaka Hajime	—
FYE Dec 2024Consolidated	¥350bn	−3.8%	¥19bn	−49.9%	5.5%	-¥56bn	Nagasaka Hajime	—
FYE Dec 2025Consolidated	¥323bn	−7.8%	¥26bn	+33.3%	8.0%	¥20bn	Nagasaka Hajime	—

How it compares

Tokai Carbon¥323bnFY2025Operating margin 8.0%

Touyoutanso¥46bnFY2025Operating margin 14.6%

Nihonkabon¥38bnFY2025Operating margin 12.7%

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 Dec 2025 ¥323bn

CAGR · 10 yrs +15.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	88.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	106	+20.0%	Cons. · Japanese GAAP
FYE Dec 2018	231	+117.7%	Cons. · Japanese GAAP
FYE Dec 2019	262	+13.3%	Cons. · Japanese GAAP
FYE Dec 2020	202	−23.1%	Cons. · Japanese GAAP
FYE Dec 2021	259	+28.4%	Cons. · Japanese GAAP
FYE Dec 2022	340	+31.5%	Cons. · Japanese GAAP
FYE Dec 2023	364	+6.9%	Cons. · Japanese GAAP
FYE Dec 2024	350	−3.8%	Cons. · Japanese GAAP
FYE Dec 2025	323	−7.8%	Cons. · Japanese GAAP

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

Cost of sales

FYE Dec 2025 ¥243bn

CAGR · 10 yrs +14.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	72.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	78.8	+9.4%	Cons. · Japanese GAAP
FYE Dec 2018	132	+67.4%	Cons. · Japanese GAAP
FYE Dec 2019	169	+28.2%	Cons. · Japanese GAAP
FYE Dec 2020	152	−10.2%	Cons. · Japanese GAAP
FYE Dec 2021	188	+23.8%	Cons. · Japanese GAAP
FYE Dec 2022	246	+30.9%	Cons. · Japanese GAAP
FYE Dec 2023	265	+7.7%	Cons. · Japanese GAAP
FYE Dec 2024	269	+1.6%	Cons. · Japanese GAAP
FYE Dec 2025	243	−9.7%	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 Dec 2025 ¥80bn

CAGR · 10 yrs +19.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	16.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	27.5	+66.1%	Cons. · Japanese GAAP
FYE Dec 2018	99.4	+262.0%	Cons. · Japanese GAAP
FYE Dec 2019	92.8	−6.6%	Cons. · Japanese GAAP
FYE Dec 2020	49.6	−46.6%	Cons. · Japanese GAAP
FYE Dec 2021	70.7	+42.7%	Cons. · Japanese GAAP
FYE Dec 2022	94.1	+33.0%	Cons. · Japanese GAAP
FYE Dec 2023	98.7	+5.0%	Cons. · Japanese GAAP
FYE Dec 2024	80.6	−18.3%	Cons. · Japanese GAAP
FYE Dec 2025	79.7	−1.1%	Cons. · Japanese GAAP

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥54bn

CAGR · 10 yrs +14.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	15.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.4	+6.2%	Cons. · Japanese GAAP
FYE Dec 2018	26.3	+60.9%	Cons. · Japanese GAAP
FYE Dec 2019	38.5	+46.3%	Cons. · Japanese GAAP
FYE Dec 2020	41.7	+8.3%	Cons. · Japanese GAAP
FYE Dec 2021	46.1	+10.5%	Cons. · Japanese GAAP
FYE Dec 2022	53.5	+16.0%	Cons. · Japanese GAAP
FYE Dec 2023	60.0	+12.2%	Cons. · Japanese GAAP
FYE Dec 2024	61.2	+2.1%	Cons. · Japanese GAAP
FYE Dec 2025	53.9	−12.0%	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 Dec 2025 ¥26bn

CAGR · 10 yrs +41.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	1.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.1	+880.8%	Cons. · Japanese GAAP
FYE Dec 2018	73.1	+558.7%	Cons. · Japanese GAAP
FYE Dec 2019	54.3	−25.6%	Cons. · Japanese GAAP
FYE Dec 2020	7.9	−85.5%	Cons. · Japanese GAAP
FYE Dec 2021	24.6	+213.7%	Cons. · Japanese GAAP
FYE Dec 2022	40.6	+64.7%	Cons. · Japanese GAAP
FYE Dec 2023	38.7	−4.6%	Cons. · Japanese GAAP
FYE Dec 2024	19.4	−49.9%	Cons. · Japanese GAAP
FYE Dec 2025	25.9	+33.3%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥4.5bn

CAGR · 10 yrs +8.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	2.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.8	+36.1%	Cons. · Japanese GAAP
FYE Dec 2018	2.2	−22.5%	Cons. · Japanese GAAP
FYE Dec 2019	1.7	−21.2%	Cons. · Japanese GAAP
FYE Dec 2020	1.6	−6.0%	Cons. · Japanese GAAP
FYE Dec 2021	2.5	+53.2%	Cons. · Japanese GAAP
FYE Dec 2022	4.4	+74.3%	Cons. · Japanese GAAP
FYE Dec 2023	5.8	+32.5%	Cons. · Japanese GAAP
FYE Dec 2024	6.6	+14.0%	Cons. · Japanese GAAP
FYE Dec 2025	4.5	−31.9%	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 Dec 2025 ¥4.0bn

CAGR · 10 yrs +11.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	1.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.1	−28.6%	Cons. · Japanese GAAP
FYE Dec 2018	2.3	+110.0%	Cons. · Japanese GAAP
FYE Dec 2019	3.1	+35.7%	Cons. · Japanese GAAP
FYE Dec 2020	3.2	+4.3%	Cons. · Japanese GAAP
FYE Dec 2021	2.4	−26.3%	Cons. · Japanese GAAP
FYE Dec 2022	2.4	+2.2%	Cons. · Japanese GAAP
FYE Dec 2023	2.9	+19.5%	Cons. · Japanese GAAP
FYE Dec 2024	3.4	+17.1%	Cons. · Japanese GAAP
FYE Dec 2025	4.0	+18.3%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Dec 2025 ¥26bn

CAGR · 10 yrs +35.6%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	1.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.9	+655.3%	Cons. · Japanese GAAP
FYE Dec 2018	73.0	+467.8%	Cons. · Japanese GAAP
FYE Dec 2019	53.0	−27.4%	Cons. · Japanese GAAP
FYE Dec 2020	6.3	−88.2%	Cons. · Japanese GAAP
FYE Dec 2021	24.8	+295.6%	Cons. · Japanese GAAP
FYE Dec 2022	42.5	+71.7%	Cons. · Japanese GAAP
FYE Dec 2023	41.6	−2.1%	Cons. · Japanese GAAP
FYE Dec 2024	22.6	−45.7%	Cons. · Japanese GAAP
FYE Dec 2025	26.3	+16.5%	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 Dec 2025 ¥5.2bn

CAGR · 10 yrs +15.8%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	1.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.1	+128.1%	Cons. · Japanese GAAP
FYE Dec 2018	22.9	+629.0%	Cons. · Japanese GAAP
FYE Dec 2019	0.1	−99.4%	Cons. · Japanese GAAP
FYE Dec 2020	1.8	+1280.5%	Cons. · Japanese GAAP
FYE Dec 2021	0.3	−85.3%	Cons. · Japanese GAAP
FYE Dec 2022	0.6	+134.4%	Cons. · Japanese GAAP
FYE Dec 2023	0.6	−5.1%	Cons. · Japanese GAAP
FYE Dec 2024	6.9	+1048.8%	Cons. · Japanese GAAP
FYE Dec 2025	5.2	−25.4%	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 Dec 2025 n/a

CAGR · 4 yrs −23.6%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.5	n/a	Cons. · Japanese GAAP
FYE Dec 2018	0.1	−72.6%	Cons. · Japanese GAAP
FYE Dec 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2022	1.0	n/a	Cons. · Japanese GAAP
FYE Dec 2023	0.2	−79.9%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	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 Dec 2025 ¥20bn

Average · 10 yrs ¥14bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	-7.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.3	n/a	Cons. · Japanese GAAP
FYE Dec 2018	73.4	+494.5%	Cons. · Japanese GAAP
FYE Dec 2019	32.0	−56.4%	Cons. · Japanese GAAP
FYE Dec 2020	1.0	−96.8%	Cons. · Japanese GAAP
FYE Dec 2021	16.1	+1480.5%	Cons. · Japanese GAAP
FYE Dec 2022	22.4	+39.2%	Cons. · Japanese GAAP
FYE Dec 2023	25.5	+13.6%	Cons. · Japanese GAAP
FYE Dec 2024	-56.5	−321.8%	Cons. · Japanese GAAP
FYE Dec 2025	20.1	n/a	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 24.7%

Average · 10 yrs 27.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	18.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.8	+7.2pp	Cons. · Japanese GAAP
FYE Dec 2018	43.0	+17.1pp	Cons. · Japanese GAAP
FYE Dec 2019	35.4	−7.5pp	Cons. · Japanese GAAP
FYE Dec 2020	24.6	−10.8pp	Cons. · Japanese GAAP
FYE Dec 2021	27.3	+2.7pp	Cons. · Japanese GAAP
FYE Dec 2022	27.6	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	27.1	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2024	23.0	−4.1pp	Cons. · Japanese GAAP
FYE Dec 2025	24.7	+1.7pp	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 Dec 2025 8.0%

Average · 10 yrs 11.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	1.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.4	+9.2pp	Cons. · Japanese GAAP
FYE Dec 2018	31.6	+21.1pp	Cons. · Japanese GAAP
FYE Dec 2019	20.7	−10.8pp	Cons. · Japanese GAAP
FYE Dec 2020	3.9	−16.8pp	Cons. · Japanese GAAP
FYE Dec 2021	9.5	+5.6pp	Cons. · Japanese GAAP
FYE Dec 2022	11.9	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2023	10.6	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	5.5	−5.1pp	Cons. · Japanese GAAP
FYE Dec 2025	8.0	+2.5pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Dec 2025 8.1%

Average · 10 yrs 11.7%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	1.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.1	+10.2pp	Cons. · Japanese GAAP
FYE Dec 2018	31.6	+19.5pp	Cons. · Japanese GAAP
FYE Dec 2019	20.2	−11.3pp	Cons. · Japanese GAAP
FYE Dec 2020	3.1	−17.1pp	Cons. · Japanese GAAP
FYE Dec 2021	9.6	+6.5pp	Cons. · Japanese GAAP
FYE Dec 2022	12.5	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2023	11.4	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2024	6.4	−5.0pp	Cons. · Japanese GAAP
FYE Dec 2025	8.1	+1.7pp	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 Dec 2025 6.2%

Average · 10 yrs 5.7%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	-9.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.6	+20.6pp	Cons. · Japanese GAAP
FYE Dec 2018	31.7	+20.1pp	Cons. · Japanese GAAP
FYE Dec 2019	12.2	−19.5pp	Cons. · Japanese GAAP
FYE Dec 2020	0.5	−11.7pp	Cons. · Japanese GAAP
FYE Dec 2021	6.2	+5.7pp	Cons. · Japanese GAAP
FYE Dec 2022	6.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2023	7.0	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2024	-16.1	−23.1pp	Cons. · Japanese GAAP
FYE Dec 2025	6.2	+22.4pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Dec 2025 75.3%

Average · 10 yrs 72.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	81.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	74.2	−7.2pp	Cons. · Japanese GAAP
FYE Dec 2018	57.0	−17.1pp	Cons. · Japanese GAAP
FYE Dec 2019	64.6	+7.5pp	Cons. · Japanese GAAP
FYE Dec 2020	75.4	+10.8pp	Cons. · Japanese GAAP
FYE Dec 2021	72.7	−2.7pp	Cons. · Japanese GAAP
FYE Dec 2022	72.4	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	72.9	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2024	77.0	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2025	75.3	−1.7pp	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 Dec 2025 16.7%

Average · 10 yrs 16.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	17.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	15.4	−2.0pp	Cons. · Japanese GAAP
FYE Dec 2018	11.4	−4.0pp	Cons. · Japanese GAAP
FYE Dec 2019	14.7	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2020	20.7	+6.0pp	Cons. · Japanese GAAP
FYE Dec 2021	17.8	−2.9pp	Cons. · Japanese GAAP
FYE Dec 2022	15.7	−2.1pp	Cons. · Japanese GAAP
FYE Dec 2023	16.5	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2024	17.5	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	16.7	−0.8pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥664bn

CAGR · 10 yrs +17.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	159	n/a	Cons. · Japanese GAAP
FYE Dec 2017	185	+16.3%	Cons. · Japanese GAAP
FYE Dec 2018	330	+78.6%	Cons. · Japanese GAAP
FYE Dec 2019	463	+40.3%	Cons. · Japanese GAAP
FYE Dec 2020	460	−0.7%	Cons. · Japanese GAAP
FYE Dec 2021	513	+11.5%	Cons. · Japanese GAAP
FYE Dec 2022	576	+12.5%	Cons. · Japanese GAAP
FYE Dec 2023	640	+11.0%	Cons. · Japanese GAAP
FYE Dec 2024	644	+0.5%	Cons. · Japanese GAAP
FYE Dec 2025	664	+3.2%	Cons. · Japanese GAAP

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Dec 2025 ¥318bn

CAGR · 10 yrs +12.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	111	n/a	Cons. · Japanese GAAP
FYE Dec 2017	126	+13.9%	Cons. · Japanese GAAP
FYE Dec 2018	187	+48.1%	Cons. · Japanese GAAP
FYE Dec 2019	212	+13.2%	Cons. · Japanese GAAP
FYE Dec 2020	201	−5.0%	Cons. · Japanese GAAP
FYE Dec 2021	229	+13.9%	Cons. · Japanese GAAP
FYE Dec 2022	269	+17.3%	Cons. · Japanese GAAP
FYE Dec 2023	324	+20.7%	Cons. · Japanese GAAP
FYE Dec 2024	289	−10.9%	Cons. · Japanese GAAP
FYE Dec 2025	318	+10.1%	Cons. · Japanese GAAP

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Dec 2025 ¥73bn

CAGR · 10 yrs +29.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	7.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.1	+100.2%	Cons. · Japanese GAAP
FYE Dec 2018	47.6	+238.5%	Cons. · Japanese GAAP
FYE Dec 2019	82.2	+72.5%	Cons. · Japanese GAAP
FYE Dec 2020	54.8	−33.3%	Cons. · Japanese GAAP
FYE Dec 2021	40.5	−26.1%	Cons. · Japanese GAAP
FYE Dec 2022	46.6	+15.1%	Cons. · Japanese GAAP
FYE Dec 2023	48.4	+3.8%	Cons. · Japanese GAAP
FYE Dec 2024	58.5	+20.8%	Cons. · Japanese GAAP
FYE Dec 2025	72.8	+24.5%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Dec 2025 ¥55bn

CAGR · 10 yrs +38.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	2.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.0	+314.9%	Cons. · Japanese GAAP
FYE Dec 2018	39.6	+230.2%	Cons. · Japanese GAAP
FYE Dec 2019	67.5	+70.4%	Cons. · Japanese GAAP
FYE Dec 2020	3.1	−95.5%	Cons. · Japanese GAAP
FYE Dec 2021	52.0	+1596.6%	Cons. · Japanese GAAP
FYE Dec 2022	10.9	−79.0%	Cons. · Japanese GAAP
FYE Dec 2023	67.0	+512.4%	Cons. · Japanese GAAP
FYE Dec 2024	6.2	−90.7%	Cons. · Japanese GAAP
FYE Dec 2025	54.8	+781.8%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Dec 2025 ¥68bn

CAGR · 10 yrs +19.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	14.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.1	−70.8%	Cons. · Japanese GAAP
FYE Dec 2018	10.1	+143.4%	Cons. · Japanese GAAP
FYE Dec 2019	45.5	+351.9%	Cons. · Japanese GAAP
FYE Dec 2020	60.6	+33.1%	Cons. · Japanese GAAP
FYE Dec 2021	51.2	−15.4%	Cons. · Japanese GAAP
FYE Dec 2022	45.5	−11.2%	Cons. · Japanese GAAP
FYE Dec 2023	44.6	−1.9%	Cons. · Japanese GAAP
FYE Dec 2024	60.5	+35.6%	Cons. · Japanese GAAP
FYE Dec 2025	68.3	+12.8%	Cons. · Japanese GAAP

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Bonds

FYE Dec 2025 ¥75bn

CAGR · 7 yrs +13.5%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2019	35.0	n/a	Cons. · Japanese GAAP
FYE Dec 2020	55.0	+57.1%	Cons. · Japanese GAAP
FYE Dec 2021	65.0	+18.2%	Cons. · Japanese GAAP
FYE Dec 2022	55.0	−15.4%	Cons. · Japanese GAAP
FYE Dec 2023	55.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2024	65.0	+18.2%	Cons. · Japanese GAAP
FYE Dec 2025	75.0	+15.4%	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥62bn

CAGR · 10 yrs +21.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	10.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.3	+55.1%	Cons. · Japanese GAAP
FYE Dec 2018	61.8	+278.2%	Cons. · Japanese GAAP
FYE Dec 2019	142	+129.7%	Cons. · Japanese GAAP
FYE Dec 2020	133	−6.1%	Cons. · Japanese GAAP
FYE Dec 2021	123	−7.5%	Cons. · Japanese GAAP
FYE Dec 2022	119	−3.7%	Cons. · Japanese GAAP
FYE Dec 2023	117	−1.5%	Cons. · Japanese GAAP
FYE Dec 2024	67.4	−42.4%	Cons. · Japanese GAAP
FYE Dec 2025	61.5	−8.7%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 ¥27bn

CAGR · 10 yrs +18.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	5.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.5	+69.7%	Cons. · Japanese GAAP
FYE Dec 2018	29.7	+212.8%	Cons. · Japanese GAAP
FYE Dec 2019	64.5	+117.0%	Cons. · Japanese GAAP
FYE Dec 2020	60.3	−6.5%	Cons. · Japanese GAAP
FYE Dec 2021	55.6	−7.9%	Cons. · Japanese GAAP
FYE Dec 2022	52.8	−4.9%	Cons. · Japanese GAAP
FYE Dec 2023	49.2	−6.9%	Cons. · Japanese GAAP
FYE Dec 2024	30.4	−38.2%	Cons. · Japanese GAAP
FYE Dec 2025	26.7	−12.3%	Cons. · Japanese GAAP

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Dec 2025 47.9%

Average · 10 yrs 52.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	69.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	68.4	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2018	56.7	−11.7pp	Cons. · Japanese GAAP
FYE Dec 2019	45.8	−11.0pp	Cons. · Japanese GAAP
FYE Dec 2020	43.8	−2.0pp	Cons. · Japanese GAAP
FYE Dec 2021	44.7	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2022	46.6	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2023	50.7	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2024	44.9	−5.8pp	Cons. · Japanese GAAP
FYE Dec 2025	47.9	+3.0pp	Cons. · Japanese GAAP

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

Debt-to-equity ratio D/E ratio

FYE Dec 2025 22.9%

Average · 10 yrs 20.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	6.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.1	+4.8pp	Cons. · Japanese GAAP
FYE Dec 2018	25.5	+14.3pp	Cons. · Japanese GAAP
FYE Dec 2019	38.8	+13.3pp	Cons. · Japanese GAAP
FYE Dec 2020	27.2	−11.6pp	Cons. · Japanese GAAP
FYE Dec 2021	17.7	−9.6pp	Cons. · Japanese GAAP
FYE Dec 2022	17.4	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	14.9	−2.4pp	Cons. · Japanese GAAP
FYE Dec 2024	20.2	+5.3pp	Cons. · Japanese GAAP
FYE Dec 2025	22.9	+2.6pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Dec 2025 6.3%

Average · 10 yrs 6.7%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	-7.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.8	+16.9pp	Cons. · Japanese GAAP
FYE Dec 2018	39.2	+29.4pp	Cons. · Japanese GAAP
FYE Dec 2019	15.1	−24.1pp	Cons. · Japanese GAAP
FYE Dec 2020	0.5	−14.6pp	Cons. · Japanese GAAP
FYE Dec 2021	7.0	+6.5pp	Cons. · Japanese GAAP
FYE Dec 2022	8.3	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	7.8	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2024	-19.5	−27.4pp	Cons. · Japanese GAAP
FYE Dec 2025	6.3	+25.8pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 3.0%

Average · 10 yrs 3.6%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	-5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.7	+11.7pp	Cons. · Japanese GAAP
FYE Dec 2018	22.2	+15.6pp	Cons. · Japanese GAAP
FYE Dec 2019	6.9	−15.3pp	Cons. · Japanese GAAP
FYE Dec 2020	0.2	−6.7pp	Cons. · Japanese GAAP
FYE Dec 2021	3.1	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2022	3.9	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2023	4.0	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2024	-8.8	−12.8pp	Cons. · Japanese GAAP
FYE Dec 2025	3.0	+11.8pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.49×

CAGR · 10 yrs −1.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.56	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.58	+3.1%	Cons. · Japanese GAAP
FYE Dec 2018	0.70	+21.9%	Cons. · Japanese GAAP
FYE Dec 2019	0.57	−19.3%	Cons. · Japanese GAAP
FYE Dec 2020	0.44	−22.6%	Cons. · Japanese GAAP
FYE Dec 2021	0.51	+15.2%	Cons. · Japanese GAAP
FYE Dec 2022	0.59	+16.9%	Cons. · Japanese GAAP
FYE Dec 2023	0.57	−3.7%	Cons. · Japanese GAAP
FYE Dec 2024	0.54	−4.3%	Cons. · Japanese GAAP
FYE Dec 2025	0.49	−10.6%	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 Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥56bn

CAGR · 10 yrs +13.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	17.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.5	−39.8%	Cons. · Japanese GAAP
FYE Dec 2018	44.1	+318.4%	Cons. · Japanese GAAP
FYE Dec 2019	41.7	−5.5%	Cons. · Japanese GAAP
FYE Dec 2020	55.0	+32.1%	Cons. · Japanese GAAP
FYE Dec 2021	38.1	−30.8%	Cons. · Japanese GAAP
FYE Dec 2022	41.2	+8.2%	Cons. · Japanese GAAP
FYE Dec 2023	62.1	+50.6%	Cons. · Japanese GAAP
FYE Dec 2024	64.5	+3.9%	Cons. · Japanese GAAP
FYE Dec 2025	55.9	−13.3%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥51bn

Average · 10 yrs -¥47bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-3.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-14.0	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-53.8	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-99.2	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-44.3	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-35.3	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-49.9	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-47.6	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-70.8	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-51.1	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 Dec 2025 -¥7.7bn

Average · 10 yrs ¥6.1bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-7.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-4.5	n/a	Cons. · Japanese GAAP
FYE Dec 2018	29.7	n/a	Cons. · Japanese GAAP
FYE Dec 2019	64.6	+117.6%	Cons. · Japanese GAAP
FYE Dec 2020	0.9	−98.6%	Cons. · Japanese GAAP
FYE Dec 2021	1.2	+30.6%	Cons. · Japanese GAAP
FYE Dec 2022	-10.6	−977.7%	Cons. · Japanese GAAP
FYE Dec 2023	-14.5	n/a	Cons. · Japanese GAAP
FYE Dec 2024	9.4	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-7.7	−181.7%	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 Dec 2025 ¥64bn

CAGR · 10 yrs +9.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	28.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	22.1	−22.4%	Cons. · Japanese GAAP
FYE Dec 2018	41.1	+85.7%	Cons. · Japanese GAAP
FYE Dec 2019	46.4	+12.9%	Cons. · Japanese GAAP
FYE Dec 2020	57.7	+24.3%	Cons. · Japanese GAAP
FYE Dec 2021	64.4	+11.6%	Cons. · Japanese GAAP
FYE Dec 2022	49.4	−23.4%	Cons. · Japanese GAAP
FYE Dec 2023	56.5	+14.3%	Cons. · Japanese GAAP
FYE Dec 2024	65.1	+15.4%	Cons. · Japanese GAAP
FYE Dec 2025	64.3	−1.2%	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 Dec 2025 ¥4.8bn

CAGR · 10 yrs −11.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	13.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-3.5	−125.2%	Cons. · Japanese GAAP
FYE Dec 2018	-9.7	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-57.5	n/a	Cons. · Japanese GAAP
FYE Dec 2020	10.7	n/a	Cons. · Japanese GAAP
FYE Dec 2021	2.8	−74.0%	Cons. · Japanese GAAP
FYE Dec 2022	-8.7	−411.6%	Cons. · Japanese GAAP
FYE Dec 2023	14.4	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-6.3	−143.7%	Cons. · Japanese GAAP
FYE Dec 2025	4.8	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 Dec 2025 17.3%

Average · 10 yrs 17.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	19.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.9	−9.8pp	Cons. · Japanese GAAP
FYE Dec 2018	19.1	+9.1pp	Cons. · Japanese GAAP
FYE Dec 2019	15.9	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2020	27.3	+11.4pp	Cons. · Japanese GAAP
FYE Dec 2021	14.7	−12.6pp	Cons. · Japanese GAAP
FYE Dec 2022	12.1	−2.6pp	Cons. · Japanese GAAP
FYE Dec 2023	17.1	+4.9pp	Cons. · Japanese GAAP
FYE Dec 2024	18.4	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2025	17.3	−1.1pp	Cons. · Japanese GAAP

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

Net cash

FYE Dec 2025 -¥8.5bn

Average · 10 yrs ¥2.3bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	21.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.1	−62.4%	Cons. · Japanese GAAP
FYE Dec 2018	-6.5	−180.7%	Cons. · Japanese GAAP
FYE Dec 2019	-35.8	n/a	Cons. · Japanese GAAP
FYE Dec 2020	2.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	23.9	+724.6%	Cons. · Japanese GAAP
FYE Dec 2022	2.7	−88.6%	Cons. · Japanese GAAP
FYE Dec 2023	8.0	+194.2%	Cons. · Japanese GAAP
FYE Dec 2024	6.6	−17.6%	Cons. · Japanese GAAP
FYE Dec 2025	-8.5	−228.5%	Cons. · Japanese GAAP

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

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

Market capitalisation

FYE Dec 2025 ¥218bn

Change · 10 yrs +¥133bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	85.4	n/a
FYE Dec 2017	314	n/a
FYE Dec 2018	279	n/a
FYE Dec 2019	246	n/a
FYE Dec 2020	290	n/a
FYE Dec 2021	272	n/a
FYE Dec 2022	241	n/a
FYE Dec 2023	231	n/a
FYE Dec 2024	208	n/a
FYE Dec 2025	218	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 Dec 2025 969¥

Change · 10 yrs +589¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	379	n/a
FYE Dec 2017	1,396	n/a
FYE Dec 2018	1,240	n/a
FYE Dec 2019	1,096	n/a
FYE Dec 2020	1,289	n/a
FYE Dec 2021	1,209	n/a
FYE Dec 2022	1,073	n/a
FYE Dec 2023	1,027	n/a
FYE Dec 2024	927	n/a
FYE Dec 2025	969	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 Dec 2025 224,943,104shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	224,943,104	Parent
FYE Dec 2017	224,943,104	Parent
FYE Dec 2018	224,943,104	Parent
FYE Dec 2019	224,943,104	Parent
FYE Dec 2020	224,943,104	Parent
FYE Dec 2021	224,943,104	Parent
FYE Dec 2022	224,943,104	Parent
FYE Dec 2023	224,943,104	Parent
FYE Dec 2024	224,943,104	Parent
FYE Dec 2025	224,943,104	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 Dec 2025 94.05¥

Change · 10 yrs +131.25¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	-37.20	Cons.
FYE Dec 2017	57.92	Cons.
FYE Dec 2018	344.32	Cons.
FYE Dec 2019	150.10	Cons.
FYE Dec 2020	4.78	Cons.
FYE Dec 2021	75.55	Cons.
FYE Dec 2022	105.16	Cons.
FYE Dec 2023	119.45	Cons.
FYE Dec 2024	-264.77	Cons.
FYE Dec 2025	94.05	Cons.

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

BPS book value per share

FYE Dec 2025 1,415.28¥

Change · 10 yrs +921.86¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	493.42	Cons. · Japanese GAAP
FYE Dec 2017	561.77	Cons. · Japanese GAAP
FYE Dec 2018	831.95	Cons. · Japanese GAAP
FYE Dec 2019	941.74	Cons. · Japanese GAAP
FYE Dec 2020	894.75	Cons. · Japanese GAAP
FYE Dec 2021	1,018.97	Cons. · Japanese GAAP
FYE Dec 2022	1,195.09	Cons. · Japanese GAAP
FYE Dec 2023	1,442.55	Cons. · Japanese GAAP
FYE Dec 2024	1,285.39	Cons. · Japanese GAAP
FYE Dec 2025	1,415.28	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 10.30×

Average · 10 yrs 33.60×

Fiscal year	PER ×	Basis
FYE Dec 2016	-10.20	Cons.
FYE Dec 2017	24.10	Cons.
FYE Dec 2018	3.60	Cons.
FYE Dec 2019	7.30	Cons.
FYE Dec 2020	269.60	Cons.
FYE Dec 2021	16.00	Cons.
FYE Dec 2022	10.20	Cons.
FYE Dec 2023	8.60	Cons.
FYE Dec 2024	-3.50	Cons.
FYE Dec 2025	10.30	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 Dec 2025 0.65×

Average · 10 yrs 1.09×

Fiscal year	PBR ×	Basis
FYE Dec 2016	0.73	Cons.
FYE Dec 2017	2.35	Cons.
FYE Dec 2018	1.41	Cons.
FYE Dec 2019	1.10	Cons.
FYE Dec 2020	1.36	Cons.
FYE Dec 2021	1.12	Cons.
FYE Dec 2022	0.85	Cons.
FYE Dec 2023	0.67	Cons.
FYE Dec 2024	0.68	Cons.
FYE Dec 2025	0.65	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 Dec 2025 4,436people

Change · 10 yrs +2,456 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	1,980	n/a	Cons.
FYE Dec 2017	2,142	+8.2%	Cons.
FYE Dec 2018	2,944	+37.4%	Cons.
FYE Dec 2019	3,714	+26.2%	Cons.
FYE Dec 2020	4,178	+12.5%	Cons.
FYE Dec 2021	4,289	+2.7%	Cons.
FYE Dec 2022	4,378	+2.1%	Cons.
FYE Dec 2023	4,427	+1.1%	Cons.
FYE Dec 2024	4,625	+4.5%	Cons.
FYE Dec 2025	4,436	−4.1%	Cons.

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

Parent-company employees

FYE Dec 2025 727people

Change · 10 yrs +51 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	676	n/a	Parent
FYE Dec 2017	693	+2.5%	Parent
FYE Dec 2018	729	+5.2%	Parent
FYE Dec 2019	769	+5.5%	Parent
FYE Dec 2020	778	+1.2%	Parent
FYE Dec 2021	760	−2.3%	Parent
FYE Dec 2022	763	+0.4%	Parent
FYE Dec 2023	779	+2.1%	Parent
FYE Dec 2024	782	+0.4%	Parent
FYE Dec 2025	727	−7.0%	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 Dec 2025 770万円

Change · 10 yrs +222万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Dec 2016	548	n/a	Parent
FYE Dec 2017	628	+14.7%	Parent
FYE Dec 2018	752	+19.7%	Parent
FYE Dec 2019	786	+4.5%	Parent
FYE Dec 2020	670	−14.9%	Parent
FYE Dec 2021	660	−1.4%	Parent
FYE Dec 2022	737	+11.5%	Parent
FYE Dec 2023	794	+7.8%	Parent
FYE Dec 2024	747	−5.9%	Parent
FYE Dec 2025	770	+3.1%	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 Dec 2025 43.1years

Change · 7 yrs +2.3 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	40.8	n/a	Parent
FYE Dec 2020	41.0	+0.5%	Parent
FYE Dec 2021	41.8	+2.0%	Parent
FYE Dec 2022	42.4	+1.4%	Parent
FYE Dec 2023	42.5	+0.2%	Parent
FYE Dec 2024	42.8	+0.7%	Parent
FYE Dec 2025	43.1	+0.7%	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 Dec 2025 16.3years

Change · 10 yrs +1.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	14.6	n/a	Parent
FYE Dec 2017	14.1	−3.4%	Parent
FYE Dec 2018	14.4	+2.1%	Parent
FYE Dec 2019	14.2	−1.4%	Parent
FYE Dec 2020	14.6	+2.8%	Parent
FYE Dec 2021	15.3	+4.8%	Parent
FYE Dec 2022	15.7	+2.6%	Parent
FYE Dec 2023	15.6	−0.6%	Parent
FYE Dec 2024	15.8	+1.3%	Parent
FYE Dec 2025	16.3	+3.2%	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 Dec 2025 363people

Change · 10 yrs −91 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	454	n/a	n/a
FYE Dec 2017	442	−2.6%	n/a
FYE Dec 2018	453	+2.5%	n/a
FYE Dec 2019	457	+0.9%	n/a
FYE Dec 2020	444	−2.8%	n/a
FYE Dec 2021	448	+0.9%	n/a
FYE Dec 2022	434	−3.1%	n/a
FYE Dec 2023	382	−12.0%	n/a
FYE Dec 2024	358	−6.3%	n/a
FYE Dec 2025	363	+1.4%	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 Dec 2025 ¥72.8m

Change · 10 yrs +¥28.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	44.7	n/a	Cons.
FYE Dec 2017	49.6	+10.9%	Cons.
FYE Dec 2018	78.6	+58.4%	Cons.
FYE Dec 2019	70.6	−10.2%	Cons.
FYE Dec 2020	48.2	−31.6%	Cons.
FYE Dec 2021	60.4	+25.1%	Cons.
FYE Dec 2022	77.7	+28.8%	Cons.
FYE Dec 2023	82.2	+5.7%	Cons.
FYE Dec 2024	75.7	−7.9%	Cons.
FYE Dec 2025	72.8	−3.8%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥5.8m

Change · 10 yrs +¥5.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	0.6	n/a	Cons.
FYE Dec 2017	5.2	+806.6%	Cons.
FYE Dec 2018	24.8	+379.2%	Cons.
FYE Dec 2019	14.6	−41.0%	Cons.
FYE Dec 2020	1.9	−87.1%	Cons.
FYE Dec 2021	5.7	+205.5%	Cons.
FYE Dec 2022	9.3	+61.3%	Cons.
FYE Dec 2023	8.7	−5.6%	Cons.
FYE Dec 2024	4.2	−52.1%	Cons.
FYE Dec 2025	5.8	+39.0%	Cons.

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

Disclaimer

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

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

Data API

Tokai Carbon’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/5301/company.json ·/api/5301/history.json ·/api/5301/ceo.json ·/api/5301/financials.json ·/api/5301/financials/segment.json ·/api/5301/financials/pl.json ·/api/5301/financials/cf.json ·/api/5301/financials/bs.json ·/api/5301/financials/employee.json ·/api/5301/financials/stock.json ·/api/5301/financials.csv ·/api/5301/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json