Financials

Nippon Steel: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥10.1tnYoY +15.7%

FYE Mar 2026 · Operating profit¥243bnYoY −55.7%

FYE Mar 2026 · Net profit¥17bnYoY −95.1%

FYE Mar 2026 · Equity ratio34.4%YoY −10.1pp

FYE Mar 2026 · Group employees138,453YoY +24,608

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥4.63tn	n/a	¥114bn	n/a	2.5%	¥131bn	Shindo Kosei	Nisshin Steel tender offer — about ¥76bn for 51%
FYE Mar 2018Consolidated	¥5.67tn	+22.4%	¥182bn	+59.7%	3.2%	¥195bn	Shindo Kosei	—
FYE Mar 2019Consolidated	¥6.18tn	+9.0%	¥265bn	+45.4%	4.3%	¥251bn	Shindo Kosei	—
FYE Mar 2020Consolidated	¥5.92tn	−4.2%	-¥406bn	−253.2%	-6.9%	-¥432bn	Shindo Kosei	Renamed Nippon Steel Corporation
FYE Mar 2021Consolidated	¥4.83tn	−18.4%	¥11bn	n/a	0.2%	-¥32bn	Hashimoto Eiji	Net loss of ¥431.5bn as domestic demand shrinks
FYE Mar 2022Consolidated	¥6.81tn	+41.0%	¥841bn	+7288.6%	12.4%	¥637bn	Hashimoto Eiji	—
FYE Mar 2023Consolidated	¥7.98tn	+17.1%	¥884bn	+5.1%	11.1%	¥694bn	Hashimoto Eiji	—
FYE Mar 2024Consolidated	¥8.87tn	+11.2%	¥779bn	−11.9%	8.8%	¥549bn	Hashimoto Eiji	Agreement to buy U.S. Steel at $55 a share
FYE Mar 2025Consolidated	¥8.70tn	−1.9%	¥548bn	−29.6%	6.3%	¥350bn	Hashimoto Eiji	—
FYE Mar 2026Consolidated	¥10.1tn	+15.7%	¥243bn	−55.7%	2.4%	¥17bn	Imai Tadashi	U.S. Steel acquired; 3D campaign against the president

How it compares

Nippon Steel¥10.1tnFY2025Operating margin 2.4%

JFE Holdings¥4.54tnFY2025Operating margin 2.5%Kobe Steel¥2.44tnFY2025Operating margin 5.3%

NKK CorporationDelisted 2002

Sumitomo Metal Industries, Ltd.Delisted 2012

Kawasaki Steel CorporationDelisted 2002

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

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥10.1tn

CAGR · 10 yrs +9.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	4,633	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5,669	+22.4%	Cons. · Japanese GAAP
FYE Mar 2019	6,178	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5,922	−4.2%	Cons. · IFRS
FYE Mar 2021	4,829	−18.4%	Cons. · IFRS
FYE Mar 2022	6,809	+41.0%	Cons. · IFRS
FYE Mar 2023	7,976	+17.1%	Cons. · IFRS
FYE Mar 2024	8,868	+11.2%	Cons. · IFRS
FYE Mar 2025	8,696	−1.9%	Cons. · IFRS
FYE Mar 2026	10,063	+15.7%	Cons. · IFRS

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

Cost of sales

FYE Mar 2026 ¥8.62tn

CAGR · 10 yrs +8.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	4,066	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4,969	+22.2%	Cons. · Japanese GAAP
FYE Mar 2019	5,391	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5,312	−1.5%	Cons. · IFRS
FYE Mar 2021	4,264	−19.7%	Cons. · IFRS
FYE Mar 2022	5,587	+31.0%	Cons. · IFRS
FYE Mar 2023	6,682	+19.6%	Cons. · IFRS
FYE Mar 2024	7,481	+12.0%	Cons. · IFRS
FYE Mar 2025	7,324	−2.1%	Cons. · IFRS
FYE Mar 2026	8,618	+17.7%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥1.44tn

CAGR · 10 yrs +10.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	567	n/a	Cons. · Japanese GAAP
FYE Mar 2018	700	+23.4%	Cons. · Japanese GAAP
FYE Mar 2019	786	moved to IFRS	Cons. · IFRS
FYE Mar 2020	609	−22.5%	Cons. · IFRS
FYE Mar 2021	565	−7.2%	Cons. · IFRS
FYE Mar 2022	1,222	+116.1%	Cons. · IFRS
FYE Mar 2023	1,294	+5.9%	Cons. · IFRS
FYE Mar 2024	1,387	+7.2%	Cons. · IFRS
FYE Mar 2025	1,372	−1.1%	Cons. · IFRS
FYE Mar 2026	1,445	+5.3%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥994bn

CAGR · 10 yrs +9.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	453	n/a	Cons. · Japanese GAAP
FYE Mar 2018	517	+14.2%	Cons. · Japanese GAAP
FYE Mar 2019	568	moved to IFRS	Cons. · IFRS
FYE Mar 2020	572	+0.6%	Cons. · IFRS
FYE Mar 2021	469	−18.0%	Cons. · IFRS
FYE Mar 2022	545	+16.1%	Cons. · IFRS
FYE Mar 2023	579	+6.4%	Cons. · IFRS
FYE Mar 2024	730	+26.1%	Cons. · IFRS
FYE Mar 2025	816	+11.7%	Cons. · IFRS
FYE Mar 2026	994	+21.8%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥243bn

CAGR · 10 yrs +8.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	114	n/a	Cons. · Japanese GAAP
FYE Mar 2018	182	+59.7%	Cons. · Japanese GAAP
FYE Mar 2019	265	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-406	−253.2%	Cons. · IFRS
FYE Mar 2021	11.4	n/a	Cons. · IFRS
FYE Mar 2022	841	+7288.6%	Cons. · IFRS
FYE Mar 2023	884	+5.1%	Cons. · IFRS
FYE Mar 2024	779	−11.9%	Cons. · IFRS
FYE Mar 2025	548	−29.6%	Cons. · IFRS
FYE Mar 2026	243	−55.7%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥31bn

CAGR · 10 yrs −15.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	143	n/a	Cons. · Japanese GAAP
FYE Mar 2018	201	+40.7%	Cons. · Japanese GAAP
FYE Mar 2019	6.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7.7	+26.2%	Cons. · IFRS
FYE Mar 2021	5.4	−30.4%	Cons. · IFRS
FYE Mar 2022	1.9	−64.1%	Cons. · IFRS
FYE Mar 2023	8.1	+319.7%	Cons. · IFRS
FYE Mar 2024	21.5	+166.2%	Cons. · IFRS
FYE Mar 2025	20.8	−3.2%	Cons. · IFRS
FYE Mar 2026	31.1	+49.4%	Cons. · IFRS

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

Non-operating expenses

FYE Mar 2026 ¥101bn

CAGR · 10 yrs +2.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	82.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	86.0	+4.1%	Cons. · Japanese GAAP
FYE Mar 2019	22.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	25.2	+12.1%	Cons. · IFRS
FYE Mar 2021	25.4	+1.0%	Cons. · IFRS
FYE Mar 2022	26.2	+3.3%	Cons. · IFRS
FYE Mar 2023	24.9	−5.2%	Cons. · IFRS
FYE Mar 2024	36.2	+45.6%	Cons. · IFRS
FYE Mar 2025	44.4	+22.6%	Cons. · IFRS
FYE Mar 2026	101	+127.9%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥17bn

CAGR · 10 yrs −20.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	131	n/a	Cons. · Japanese GAAP
FYE Mar 2018	195	+49.0%	Cons. · Japanese GAAP
FYE Mar 2019	251	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-432	−271.8%	Cons. · IFRS
FYE Mar 2021	-32.4	n/a	Cons. · IFRS
FYE Mar 2022	637	n/a	Cons. · IFRS
FYE Mar 2023	694	+8.9%	Cons. · IFRS
FYE Mar 2024	549	−20.8%	Cons. · IFRS
FYE Mar 2025	350	−36.2%	Cons. · IFRS
FYE Mar 2026	17.2	−95.1%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 14.4%

Average · 10 yrs 13.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	12.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	12.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	10.3	−2.4pp	Cons. · IFRS
FYE Mar 2021	11.7	+1.4pp	Cons. · IFRS
FYE Mar 2022	17.9	+6.2pp	Cons. · IFRS
FYE Mar 2023	16.2	−1.7pp	Cons. · IFRS
FYE Mar 2024	15.6	−0.6pp	Cons. · IFRS
FYE Mar 2025	15.8	+0.1pp	Cons. · IFRS
FYE Mar 2026	14.4	−1.4pp	Cons. · IFRS

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2026 2.4%

Average · 10 yrs 4.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.2	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	4.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-6.9	−11.1pp	Cons. · IFRS
FYE Mar 2021	0.2	+7.1pp	Cons. · IFRS
FYE Mar 2022	12.4	+12.1pp	Cons. · IFRS
FYE Mar 2023	11.1	−1.3pp	Cons. · IFRS
FYE Mar 2024	8.8	−2.3pp	Cons. · IFRS
FYE Mar 2025	6.3	−2.5pp	Cons. · IFRS
FYE Mar 2026	2.4	−3.9pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 0.2%

Average · 10 yrs 3.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.4	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	4.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-7.3	−11.4pp	Cons. · IFRS
FYE Mar 2021	-0.7	+6.6pp	Cons. · IFRS
FYE Mar 2022	9.4	+10.0pp	Cons. · IFRS
FYE Mar 2023	8.7	−0.7pp	Cons. · IFRS
FYE Mar 2024	6.2	−2.5pp	Cons. · IFRS
FYE Mar 2025	4.0	−2.2pp	Cons. · IFRS
FYE Mar 2026	0.2	−3.9pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 85.6%

Average · 10 yrs 86.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	87.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	87.7	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	87.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	89.7	+2.4pp	Cons. · IFRS
FYE Mar 2021	88.3	−1.4pp	Cons. · IFRS
FYE Mar 2022	82.1	−6.2pp	Cons. · IFRS
FYE Mar 2023	83.8	+1.7pp	Cons. · IFRS
FYE Mar 2024	84.4	+0.6pp	Cons. · IFRS
FYE Mar 2025	84.2	−0.1pp	Cons. · IFRS
FYE Mar 2026	85.6	+1.4pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 9.9%

Average · 10 yrs 9.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	9.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.1	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	9.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	9.7	+0.5pp	Cons. · IFRS
FYE Mar 2021	9.7	+0.1pp	Cons. · IFRS
FYE Mar 2022	8.0	−1.7pp	Cons. · IFRS
FYE Mar 2023	7.3	−0.7pp	Cons. · IFRS
FYE Mar 2024	8.2	+1.0pp	Cons. · IFRS
FYE Mar 2025	9.4	+1.1pp	Cons. · IFRS
FYE Mar 2026	9.9	+0.5pp	Cons. · IFRS

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 Mar 2026 ¥14.7tn

CAGR · 10 yrs +8.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	7,262	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7,592	+4.6%	Cons. · Japanese GAAP
FYE Mar 2019	8,050	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7,445	−7.5%	Cons. · IFRS
FYE Mar 2021	7,574	+1.7%	Cons. · IFRS
FYE Mar 2022	8,752	+15.6%	Cons. · IFRS
FYE Mar 2023	9,567	+9.3%	Cons. · IFRS
FYE Mar 2024	10,715	+12.0%	Cons. · IFRS
FYE Mar 2025	10,942	+2.1%	Cons. · IFRS
FYE Mar 2026	14,661	+34.0%	Cons. · IFRS

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 ¥5.04tn

CAGR · 10 yrs +6.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,948	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3,145	+6.7%	Cons. · Japanese GAAP
FYE Mar 2019	2,854	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2,287	−19.9%	Cons. · IFRS
FYE Mar 2021	2,389	+4.5%	Cons. · IFRS
FYE Mar 2022	3,037	+27.1%	Cons. · IFRS
FYE Mar 2023	3,716	+22.4%	Cons. · IFRS
FYE Mar 2024	4,200	+13.0%	Cons. · IFRS
FYE Mar 2025	4,863	+15.8%	Cons. · IFRS
FYE Mar 2026	5,036	+3.6%	Cons. · IFRS

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 ¥5.17tn

CAGR · 10 yrs +13.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	1,676	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,681	+0.3%	Cons. · Japanese GAAP
FYE Mar 2019	2,369	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2,489	+5.0%	Cons. · IFRS
FYE Mar 2021	2,559	+2.8%	Cons. · IFRS
FYE Mar 2022	2,653	+3.7%	Cons. · IFRS
FYE Mar 2023	2,699	+1.7%	Cons. · IFRS
FYE Mar 2024	2,712	+0.5%	Cons. · IFRS
FYE Mar 2025	2,507	−7.5%	Cons. · IFRS
FYE Mar 2026	5,174	+106.4%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥506bn

CAGR · 10 yrs +5.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	316	n/a	Cons. · Japanese GAAP
FYE Mar 2018	301	−4.9%	Cons. · Japanese GAAP
FYE Mar 2019	515	moved to IFRS	Cons. · IFRS
FYE Mar 2020	377	−26.9%	Cons. · IFRS
FYE Mar 2021	309	−18.0%	Cons. · IFRS
FYE Mar 2022	344	+11.4%	Cons. · IFRS
FYE Mar 2023	403	+17.1%	Cons. · IFRS
FYE Mar 2024	541	+34.4%	Cons. · IFRS
FYE Mar 2025	473	−12.6%	Cons. · IFRS
FYE Mar 2026	506	+6.9%	Cons. · IFRS

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 ¥4.67tn

CAGR · 10 yrs +14.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1,360	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,381	+1.5%	Cons. · Japanese GAAP
FYE Mar 2019	1,854	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2,112	+13.9%	Cons. · IFRS
FYE Mar 2021	2,250	+6.6%	Cons. · IFRS
FYE Mar 2022	2,309	+2.6%	Cons. · IFRS
FYE Mar 2023	2,296	−0.6%	Cons. · IFRS
FYE Mar 2024	2,170	−5.5%	Cons. · IFRS
FYE Mar 2025	2,034	−6.3%	Cons. · IFRS
FYE Mar 2026	4,668	+129.5%	Cons. · IFRS

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 ¥833bn

CAGR · 10 yrs +27.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	91.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	85.0	−6.9%	Cons. · Japanese GAAP
FYE Mar 2019	106	moved to IFRS	Cons. · IFRS
FYE Mar 2020	96.7	−8.9%	Cons. · IFRS
FYE Mar 2021	95.8	−0.9%	Cons. · IFRS
FYE Mar 2022	130	+36.2%	Cons. · IFRS
FYE Mar 2023	157	+20.6%	Cons. · IFRS
FYE Mar 2024	178	+13.0%	Cons. · IFRS
FYE Mar 2025	263	+48.0%	Cons. · IFRS
FYE Mar 2026	833	+216.4%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥260bn

CAGR · 10 yrs +23.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	38.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.4	−16.2%	Cons. · Japanese GAAP
FYE Mar 2019	52.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	45.5	−13.9%	Cons. · IFRS
FYE Mar 2021	46.3	+1.9%	Cons. · IFRS
FYE Mar 2022	61.7	+33.2%	Cons. · IFRS
FYE Mar 2023	65.1	+5.4%	Cons. · IFRS
FYE Mar 2024	70.2	+7.9%	Cons. · IFRS
FYE Mar 2025	71.6	+2.0%	Cons. · IFRS
FYE Mar 2026	260	+262.6%	Cons. · IFRS

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 34.4%

Average · 10 yrs 37.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	40.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.4	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	35.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	30.7	−4.7pp	Cons. · IFRS
FYE Mar 2021	31.5	+0.8pp	Cons. · IFRS
FYE Mar 2022	34.7	+3.2pp	Cons. · IFRS
FYE Mar 2023	38.8	+4.1pp	Cons. · IFRS
FYE Mar 2024	39.2	+0.4pp	Cons. · IFRS
FYE Mar 2025	44.4	+5.2pp	Cons. · IFRS
FYE Mar 2026	34.4	−10.1pp	Cons. · IFRS

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 102.7%

Average · 10 yrs 78.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	56.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	53.5	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2019	83.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	108.8	+25.8pp	Cons. · IFRS
FYE Mar 2021	107.1	−1.7pp	Cons. · IFRS
FYE Mar 2022	87.4	−19.8pp	Cons. · IFRS
FYE Mar 2023	72.6	−14.7pp	Cons. · IFRS
FYE Mar 2024	64.6	−8.1pp	Cons. · IFRS
FYE Mar 2025	51.6	−13.0pp	Cons. · IFRS
FYE Mar 2026	102.7	+51.2pp	Cons. · IFRS

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 0.3%

Average · 10 yrs 6.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.2	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	8.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-18.9	−27.7pp	Cons. · IFRS
FYE Mar 2021	-1.4	+17.5pp	Cons. · IFRS
FYE Mar 2022	21.0	+22.3pp	Cons. · IFRS
FYE Mar 2023	18.7	−2.3pp	Cons. · IFRS
FYE Mar 2024	13.1	−5.6pp	Cons. · IFRS
FYE Mar 2025	7.2	−5.9pp	Cons. · IFRS
FYE Mar 2026	0.3	−6.9pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 0.1%

Average · 10 yrs 2.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	3.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-5.8	−8.9pp	Cons. · IFRS
FYE Mar 2021	-0.4	+5.4pp	Cons. · IFRS
FYE Mar 2022	7.3	+7.7pp	Cons. · IFRS
FYE Mar 2023	7.3	−0.0pp	Cons. · IFRS
FYE Mar 2024	5.1	−2.1pp	Cons. · IFRS
FYE Mar 2025	3.2	−1.9pp	Cons. · IFRS
FYE Mar 2026	0.1	−3.1pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.69×

CAGR · 10 yrs +0.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.64	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.75	+17.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.77	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.80	+3.6%	Cons. · IFRS
FYE Mar 2021	0.64	−19.8%	Cons. · IFRS
FYE Mar 2022	0.78	+22.0%	Cons. · IFRS
FYE Mar 2023	0.83	+7.2%	Cons. · IFRS
FYE Mar 2024	0.83	−0.7%	Cons. · IFRS
FYE Mar 2025	0.79	−4.0%	Cons. · IFRS
FYE Mar 2026	0.69	−13.6%	Cons. · IFRS

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 ¥717bn

CAGR · 10 yrs +4.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	484	n/a	Cons. · Japanese GAAP
FYE Mar 2018	459	−5.3%	Cons. · Japanese GAAP
FYE Mar 2019	452	moved to IFRS	Cons. · IFRS
FYE Mar 2020	494	+9.3%	Cons. · IFRS
FYE Mar 2021	403	−18.4%	Cons. · IFRS
FYE Mar 2022	616	+52.7%	Cons. · IFRS
FYE Mar 2023	661	+7.4%	Cons. · IFRS
FYE Mar 2024	1,010	+52.8%	Cons. · IFRS
FYE Mar 2025	979	−3.1%	Cons. · IFRS
FYE Mar 2026	717	−26.7%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥2.84tn

Average · 10 yrs -¥657bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-344	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-353	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-382	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-346	n/a	Cons. · IFRS
FYE Mar 2021	-389	n/a	Cons. · IFRS
FYE Mar 2022	-379	n/a	Cons. · IFRS
FYE Mar 2023	-367	n/a	Cons. · IFRS
FYE Mar 2024	-711	n/a	Cons. · IFRS
FYE Mar 2025	-462	n/a	Cons. · IFRS
FYE Mar 2026	-2,837	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 ¥1.89tn

Average · 10 yrs ¥54bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-135	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-89.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-42.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-14.6	n/a	Cons. · IFRS
FYE Mar 2021	52.7	n/a	Cons. · IFRS
FYE Mar 2022	-61.3	−216.3%	Cons. · IFRS
FYE Mar 2023	-198	n/a	Cons. · IFRS
FYE Mar 2024	-544	n/a	Cons. · IFRS
FYE Mar 2025	-313	n/a	Cons. · IFRS
FYE Mar 2026	1,886	n/a	Cons. · IFRS

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 ¥461bn

CAGR · 10 yrs +19.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	91.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	112	+22.3%	Cons. · Japanese GAAP
FYE Mar 2019	112	moved to IFRS	Cons. · IFRS
FYE Mar 2020	289	+159.0%	Cons. · IFRS
FYE Mar 2021	359	+24.2%	Cons. · IFRS
FYE Mar 2022	551	+53.3%	Cons. · IFRS
FYE Mar 2023	670	+21.7%	Cons. · IFRS
FYE Mar 2024	449	−33.0%	Cons. · IFRS
FYE Mar 2025	673	+49.8%	Cons. · IFRS
FYE Mar 2026	461	−31.4%	Cons. · IFRS

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 -¥2.12tn

Average · 10 yrs -¥29bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	141	n/a	Cons. · Japanese GAAP
FYE Mar 2018	105	−25.0%	Cons. · Japanese GAAP
FYE Mar 2019	70.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	149	+110.8%	Cons. · IFRS
FYE Mar 2021	14.2	−90.5%	Cons. · IFRS
FYE Mar 2022	237	+1573.3%	Cons. · IFRS
FYE Mar 2023	295	+24.5%	Cons. · IFRS
FYE Mar 2024	300	+1.6%	Cons. · IFRS
FYE Mar 2025	516	+72.3%	Cons. · IFRS
FYE Mar 2026	-2,120	−510.8%	Cons. · IFRS

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 7.1%

Average · 10 yrs 9.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	10.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	7.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.3	+1.0pp	Cons. · IFRS
FYE Mar 2021	8.3	−0.0pp	Cons. · IFRS
FYE Mar 2022	9.0	+0.7pp	Cons. · IFRS
FYE Mar 2023	8.3	−0.8pp	Cons. · IFRS
FYE Mar 2024	11.4	+3.1pp	Cons. · IFRS
FYE Mar 2025	11.3	−0.1pp	Cons. · IFRS
FYE Mar 2026	7.1	−4.1pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 -¥4.71tn

Average · 10 yrs -¥2.28tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-1,585	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1,570	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-2,257	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-2,199	n/a	Cons. · IFRS
FYE Mar 2021	-2,200	n/a	Cons. · IFRS
FYE Mar 2022	-2,102	n/a	Cons. · IFRS
FYE Mar 2023	-2,029	n/a	Cons. · IFRS
FYE Mar 2024	-2,263	n/a	Cons. · IFRS
FYE Mar 2025	-1,835	n/a	Cons. · IFRS
FYE Mar 2026	-4,713	n/a	Cons. · IFRS

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 ¥3.09tn

Change · 8 yrs +¥659bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	2,433	n/a
FYE Mar 2018	2,219	n/a
FYE Mar 2019	1,848	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	2,039	n/a
FYE Mar 2023	2,936	n/a
FYE Mar 2024	3,459	n/a
FYE Mar 2025	3,432	n/a
FYE Mar 2026	3,092	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 575¥

Change · 8 yrs −1,984¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,560	n/a
FYE Mar 2018	2,336	n/a
FYE Mar 2019	1,944	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	2,146	n/a
FYE Mar 2023	3,090	n/a
FYE Mar 2024	3,639	n/a
FYE Mar 2025	3,193	n/a
FYE Mar 2026	575	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 5,373,633,000shares

Change · 10 yrs +4,423,312,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	950,321,000	Parent
FYE Mar 2018	950,321,000	Parent
FYE Mar 2019	950,321,000	Parent
FYE Mar 2020	950,321,000	Parent
FYE Mar 2021	950,321,000	Parent
FYE Mar 2022	950,321,000	Parent
FYE Mar 2023	950,321,000	Parent
FYE Mar 2024	950,549,000	Parent
FYE Mar 2025	1,074,726,000	Parent
FYE Mar 2026	5,373,633,000	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 3.28¥

Change · 10 yrs −144.68¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	147.96	Cons.
FYE Mar 2018	204.87	Cons.
FYE Mar 2019	281.77	Cons.
FYE Mar 2020	-468.74	Cons.
FYE Mar 2021	-35.22	Cons.
FYE Mar 2022	138.43	Cons.
FYE Mar 2023	150.73	Cons.
FYE Mar 2024	119.31	Cons.
FYE Mar 2025	70.18	Cons.
FYE Mar 2026	3.28	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 937.23¥

Change · 10 yrs −2,165.12¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,102.35	Cons. · Japanese GAAP
FYE Mar 2018	3,309.88	Cons. · Japanese GAAP
FYE Mar 2019	3,003.42	Cons. · IFRS
FYE Mar 2020	2,406.14	Cons. · IFRS
FYE Mar 2021	2,513.47	Cons. · IFRS
FYE Mar 2022	3,195.33	Cons. · IFRS
FYE Mar 2023	3,910.15	Cons. · IFRS
FYE Mar 2024	4,418.05	Cons. · IFRS
FYE Mar 2025	4,525.10	Cons. · IFRS
FYE Mar 2026	937.23	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 175.40×

Average · 8 yrs 29.18×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.30	Cons.
FYE Mar 2018	11.40	Cons.
FYE Mar 2019	6.90	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	3.10	Cons.
FYE Mar 2023	4.10	Cons.
FYE Mar 2024	6.10	Cons.
FYE Mar 2025	9.10	Cons.
FYE Mar 2026	175.40	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 0.54×

Average · 8 yrs 0.64×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.77	Cons.
FYE Mar 2018	0.66	Cons.
FYE Mar 2019	0.55	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.57	Cons.
FYE Mar 2023	0.68	Cons.
FYE Mar 2024	0.70	Cons.
FYE Mar 2025	0.62	Cons.
FYE Mar 2026	0.54	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 138,453people

Change · 10 yrs +46,144 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	92,309	n/a	Cons.
FYE Mar 2018	93,557	+1.4%	Cons.
FYE Mar 2019	105,796	+13.1%	Cons.
FYE Mar 2020	106,599	+0.8%	Cons.
FYE Mar 2021	106,226	−0.3%	Cons.
FYE Mar 2022	106,528	+0.3%	Cons.
FYE Mar 2023	106,068	−0.4%	Cons.
FYE Mar 2024	113,639	+7.1%	Cons.
FYE Mar 2025	113,845	+0.2%	Cons.
FYE Mar 2026	138,453	+21.6%	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 32,102people

Change · 10 yrs +7,280 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	24,822	n/a	Parent
FYE Mar 2018	25,101	+1.1%	Parent
FYE Mar 2019	26,570	+5.9%	Parent
FYE Mar 2020	27,096	+2.0%	Parent
FYE Mar 2021	29,579	+9.2%	Parent
FYE Mar 2022	28,708	−2.9%	Parent
FYE Mar 2023	28,331	−1.3%	Parent
FYE Mar 2024	28,543	+0.7%	Parent
FYE Mar 2025	28,652	+0.4%	Parent
FYE Mar 2026	32,102	+12.0%	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 ¥9.1m

Change · 10 yrs +¥3.1m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	6.0	n/a	Parent
FYE Mar 2018	6.0	+0.2%	Parent
FYE Mar 2019	6.1	+2.6%	Parent
FYE Mar 2020	6.1	−0.1%	Parent
FYE Mar 2021	4.9	−19.4%	Parent
FYE Mar 2022	5.4	+8.5%	Parent
FYE Mar 2023	8.2	+53.9%	Parent
FYE Mar 2024	8.3	+0.5%	Parent
FYE Mar 2025	9.1	+9.2%	Parent
FYE Mar 2026	9.1	+0.4%	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 41.3years

Change · 8 yrs +4.1 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	37.2	n/a	Parent
FYE Mar 2020	37.2	−0.0%	Parent
FYE Mar 2021	37.2	−0.0%	Parent
FYE Mar 2022	38.5	+3.5%	Parent
FYE Mar 2023	39.3	+2.1%	Parent
FYE Mar 2024	39.9	+1.5%	Parent
FYE Mar 2025	40.5	+1.5%	Parent
FYE Mar 2026	41.3	+2.0%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 19.5years

Change · 10 yrs +3.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	16.0	n/a	Parent
FYE Mar 2018	15.4	−3.7%	Parent
FYE Mar 2019	15.1	−1.9%	Parent
FYE Mar 2020	15.1	−0.0%	Parent
FYE Mar 2021	15.5	+2.6%	Parent
FYE Mar 2022	16.5	+6.5%	Parent
FYE Mar 2023	17.2	+4.2%	Parent
FYE Mar 2024	17.6	+2.3%	Parent
FYE Mar 2025	18.2	+3.4%	Parent
FYE Mar 2026	19.5	+7.1%	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 12,925people

Change · 10 yrs −2,795 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	15,720	n/a	n/a
FYE Mar 2018	16,361	+4.1%	n/a
FYE Mar 2019	16,361	−0.0%	n/a
FYE Mar 2020	19,725	+20.6%	n/a
FYE Mar 2021	18,812	−4.6%	n/a
FYE Mar 2022	17,278	−8.2%	n/a
FYE Mar 2023	15,922	−7.8%	n/a
FYE Mar 2024	15,194	−4.6%	n/a
FYE Mar 2025	13,787	−9.3%	n/a
FYE Mar 2026	12,925	−6.3%	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 ¥72.7m

Change · 10 yrs +¥22.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	50.2	n/a	Cons.
FYE Mar 2018	60.6	+20.7%	Cons.
FYE Mar 2019	58.4	n/a	Cons.
FYE Mar 2020	55.5	−4.9%	Cons.
FYE Mar 2021	45.5	−18.2%	Cons.
FYE Mar 2022	63.9	+40.6%	Cons.
FYE Mar 2023	75.2	+17.6%	Cons.
FYE Mar 2024	78.0	+3.8%	Cons.
FYE Mar 2025	76.4	−2.1%	Cons.
FYE Mar 2026	72.7	−4.8%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.8m

Change · 10 yrs +¥0.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons.
FYE Mar 2018	1.9	+57.6%	Cons.
FYE Mar 2019	2.5	n/a	Cons.
FYE Mar 2020	-3.8	−252.0%	Cons.
FYE Mar 2021	0.1	n/a	Cons.
FYE Mar 2022	7.9	+7267.7%	Cons.
FYE Mar 2023	8.3	+5.5%	Cons.
FYE Mar 2024	6.9	−17.8%	Cons.
FYE Mar 2025	4.8	−29.8%	Cons.
FYE Mar 2026	1.8	−63.6%	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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