Financials

JFE Holdings: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥4.54tnYoY −6.6%

FYE Mar 2026 · Operating profit¥112bnYoY −32.0%

FYE Mar 2026 · Net profit¥70bnYoY −23.6%

FYE Mar 2026 · Equity ratio43.4%YoY −0.4pp

FYE Mar 2026 · Group employees61,628YoY +332

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥3.31tn	n/a	¥97bn	n/a	2.9%	¥68bn	Hayashida Eiji	—
FYE Mar 2018Consolidated	¥3.68tn	+11.2%	¥167bn	+73.0%	4.5%	¥145bn	Hayashida Eiji	—
FYE Mar 2019Consolidated	¥3.96tn	+7.7%	¥222bn	+32.5%	5.6%	¥164bn	Hayashida Eiji	—
FYE Mar 2020Consolidated	¥3.73tn	−5.9%	-¥201bn	−190.6%	-5.4%	-¥198bn	Hayashida Eiji	<a class="en-history_person" href="/tse/5411/executives/ceo/kakigi-koji/" hreflang="ja">Kakigi Koji</a> becomes president
FYE Mar 2021Consolidated	¥3.23tn	−13.5%	¥7.6bn	n/a	0.2%	-¥22bn	Kakigi Koji	Record net loss of ¥197.7bn; carbon-neutrality pledge in September
FYE Mar 2022Consolidated	¥4.37tn	+35.3%	¥400bn	+5189.3%	9.2%	¥288bn	Kakigi Koji	—
FYE Mar 2023Consolidated	¥5.27tn	+20.7%	¥225bn	−43.8%	4.3%	¥163bn	Kakigi Koji	Kurashiki blast furnace to be replaced by an electric arc furnace
FYE Mar 2024Consolidated	¥5.17tn	−1.8%	¥287bn	+27.5%	5.5%	¥197bn	Kakigi Koji	Keihin upstream shut — eight blast furnaces become seven
FYE Mar 2025Consolidated	¥4.86tn	−6.1%	¥165bn	−42.5%	3.4%	¥92bn	Kakigi Koji	<a class="en-history_person" href="/tse/5411/executives/ceo/kitano-yoshihisa/" hreflang="ja">Kitano Yoshihisa</a> becomes president
FYE Mar 2026Consolidated	¥4.54tn	−6.6%	¥112bn	−32.0%	2.5%	¥70bn	Kitano Yoshihisa	Third Kurashiki furnace banked; dividend cut from ¥110 to ¥80

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 ¥4.54tn

CAGR · 10 yrs +3.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	3,309	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3,679	+11.2%	Cons. · Japanese GAAP
FYE Mar 2019	3,962	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3,730	−5.9%	Cons. · IFRS
FYE Mar 2021	3,227	−13.5%	Cons. · IFRS
FYE Mar 2022	4,365	+35.3%	Cons. · IFRS
FYE Mar 2023	5,269	+20.7%	Cons. · IFRS
FYE Mar 2024	5,175	−1.8%	Cons. · IFRS
FYE Mar 2025	4,860	−6.1%	Cons. · IFRS
FYE Mar 2026	4,539	−6.6%	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 ¥4.01tn

CAGR · 10 yrs +3.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	2,890	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3,054	+5.7%	Cons. · Japanese GAAP
FYE Mar 2019	3,328	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3,334	+0.2%	Cons. · IFRS
FYE Mar 2021	2,913	−12.6%	Cons. · IFRS
FYE Mar 2022	3,695	+26.8%	Cons. · IFRS
FYE Mar 2023	4,659	+26.1%	Cons. · IFRS
FYE Mar 2024	4,518	−3.0%	Cons. · IFRS
FYE Mar 2025	4,327	−4.2%	Cons. · IFRS
FYE Mar 2026	4,013	−7.2%	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 ¥526bn

CAGR · 10 yrs +2.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	419	n/a	Cons. · Japanese GAAP
FYE Mar 2018	573	+36.6%	Cons. · Japanese GAAP
FYE Mar 2019	545	moved to IFRS	Cons. · IFRS
FYE Mar 2020	396	−27.4%	Cons. · IFRS
FYE Mar 2021	315	−20.5%	Cons. · IFRS
FYE Mar 2022	670	+113.2%	Cons. · IFRS
FYE Mar 2023	609	−9.1%	Cons. · IFRS
FYE Mar 2024	656	+7.7%	Cons. · IFRS
FYE Mar 2025	533	−18.8%	Cons. · IFRS
FYE Mar 2026	526	−1.3%	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 ¥431bn

CAGR · 10 yrs +3.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	323	n/a	Cons. · Japanese GAAP
FYE Mar 2018	337	+4.5%	Cons. · Japanese GAAP
FYE Mar 2019	357	moved to IFRS	Cons. · IFRS
FYE Mar 2020	357	−0.1%	Cons. · IFRS
FYE Mar 2021	324	−9.2%	Cons. · IFRS
FYE Mar 2022	360	+11.2%	Cons. · IFRS
FYE Mar 2023	392	+8.9%	Cons. · IFRS
FYE Mar 2024	409	+4.1%	Cons. · IFRS
FYE Mar 2025	409	+0.2%	Cons. · IFRS
FYE Mar 2026	431	+5.3%	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 ¥112bn

CAGR · 10 yrs +1.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	96.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	167	+73.0%	Cons. · Japanese GAAP
FYE Mar 2019	222	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-201	−190.6%	Cons. · IFRS
FYE Mar 2021	7.6	n/a	Cons. · IFRS
FYE Mar 2022	400	+5189.3%	Cons. · IFRS
FYE Mar 2023	225	−43.8%	Cons. · IFRS
FYE Mar 2024	287	+27.5%	Cons. · IFRS
FYE Mar 2025	165	−42.5%	Cons. · IFRS
FYE Mar 2026	112	−32.0%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥5.6bn

CAGR · 10 yrs −20.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	45.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.5	−96.6%	Cons. · Japanese GAAP
FYE Mar 2019	2.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.7	+30.9%	Cons. · IFRS
FYE Mar 2021	1.7	−38.2%	Cons. · IFRS
FYE Mar 2022	1.5	−8.1%	Cons. · IFRS
FYE Mar 2023	3.7	+137.4%	Cons. · IFRS
FYE Mar 2024	5.0	+37.3%	Cons. · IFRS
FYE Mar 2025	5.7	+13.2%	Cons. · IFRS
FYE Mar 2026	5.6	−2.2%	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 ¥30bn

CAGR · 10 yrs −6.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	57.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.0	−72.3%	Cons. · Japanese GAAP
FYE Mar 2019	14.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	15.3	+4.7%	Cons. · IFRS
FYE Mar 2021	14.2	−7.1%	Cons. · IFRS
FYE Mar 2022	13.2	−6.9%	Cons. · IFRS
FYE Mar 2023	18.5	+40.0%	Cons. · IFRS
FYE Mar 2024	23.7	+28.1%	Cons. · IFRS
FYE Mar 2025	26.5	+11.8%	Cons. · IFRS
FYE Mar 2026	30.4	+14.8%	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 ¥70bn

CAGR · 10 yrs +0.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	67.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	145	+112.9%	Cons. · Japanese GAAP
FYE Mar 2019	164	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-198	−220.4%	Cons. · IFRS
FYE Mar 2021	-21.9	n/a	Cons. · IFRS
FYE Mar 2022	288	n/a	Cons. · IFRS
FYE Mar 2023	163	−43.5%	Cons. · IFRS
FYE Mar 2024	197	+21.4%	Cons. · IFRS
FYE Mar 2025	91.9	−53.5%	Cons. · IFRS
FYE Mar 2026	70.2	−23.6%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 11.6%

Average · 10 yrs 12.5%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	12.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.6	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2019	13.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	10.6	−3.2pp	Cons. · IFRS
FYE Mar 2021	9.7	−0.9pp	Cons. · IFRS
FYE Mar 2022	15.4	+5.6pp	Cons. · IFRS
FYE Mar 2023	11.6	−3.8pp	Cons. · IFRS
FYE Mar 2024	12.7	+1.1pp	Cons. · IFRS
FYE Mar 2025	11.0	−1.7pp	Cons. · IFRS
FYE Mar 2026	11.6	+0.6pp	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 2.5%

Average · 10 yrs 3.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.5	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2019	5.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-5.4	−11.0pp	Cons. · IFRS
FYE Mar 2021	0.2	+5.6pp	Cons. · IFRS
FYE Mar 2022	9.2	+8.9pp	Cons. · IFRS
FYE Mar 2023	4.3	−4.9pp	Cons. · IFRS
FYE Mar 2024	5.5	+1.3pp	Cons. · IFRS
FYE Mar 2025	3.4	−2.1pp	Cons. · IFRS
FYE Mar 2026	2.5	−0.9pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 1.5%

Average · 10 yrs 2.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.9	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2019	4.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-5.3	−9.4pp	Cons. · IFRS
FYE Mar 2021	-0.7	+4.6pp	Cons. · IFRS
FYE Mar 2022	6.6	+7.3pp	Cons. · IFRS
FYE Mar 2023	3.1	−3.5pp	Cons. · IFRS
FYE Mar 2024	3.8	+0.7pp	Cons. · IFRS
FYE Mar 2025	1.9	−1.9pp	Cons. · IFRS
FYE Mar 2026	1.5	−0.3pp	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 88.4%

Average · 10 yrs 87.2%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	87.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	83.0	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2019	84.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	89.4	+5.4pp	Cons. · IFRS
FYE Mar 2021	90.3	+0.9pp	Cons. · IFRS
FYE Mar 2022	84.6	−5.6pp	Cons. · IFRS
FYE Mar 2023	88.4	+3.8pp	Cons. · IFRS
FYE Mar 2024	87.3	−1.1pp	Cons. · IFRS
FYE Mar 2025	89.0	+1.7pp	Cons. · IFRS
FYE Mar 2026	88.4	−0.6pp	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 9.5%

Average · 10 yrs 8.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	9.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	9.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	9.6	+0.6pp	Cons. · IFRS
FYE Mar 2021	10.0	+0.5pp	Cons. · IFRS
FYE Mar 2022	8.3	−1.8pp	Cons. · IFRS
FYE Mar 2023	7.4	−0.8pp	Cons. · IFRS
FYE Mar 2024	7.9	+0.4pp	Cons. · IFRS
FYE Mar 2025	8.4	+0.5pp	Cons. · IFRS
FYE Mar 2026	9.5	+1.1pp	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 ¥5.90tn

CAGR · 10 yrs +3.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	4,336	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4,441	+2.4%	Cons. · Japanese GAAP
FYE Mar 2019	4,649	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4,646	−0.1%	Cons. · IFRS
FYE Mar 2021	4,655	+0.2%	Cons. · IFRS
FYE Mar 2022	5,288	+13.6%	Cons. · IFRS
FYE Mar 2023	5,524	+4.5%	Cons. · IFRS
FYE Mar 2024	5,755	+4.2%	Cons. · IFRS
FYE Mar 2025	5,648	−1.9%	Cons. · IFRS
FYE Mar 2026	5,895	+4.4%	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 ¥2.56tn

CAGR · 10 yrs +3.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,866	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,951	+4.5%	Cons. · Japanese GAAP
FYE Mar 2019	2,014	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,548	−23.2%	Cons. · IFRS
FYE Mar 2021	1,598	+3.3%	Cons. · IFRS
FYE Mar 2022	1,906	+19.2%	Cons. · IFRS
FYE Mar 2023	2,047	+7.4%	Cons. · IFRS
FYE Mar 2024	2,390	+16.7%	Cons. · IFRS
FYE Mar 2025	2,472	+3.5%	Cons. · IFRS
FYE Mar 2026	2,559	+3.5%	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 ¥1.96tn

CAGR · 10 yrs +5.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	1,242	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,391	+12.0%	Cons. · Japanese GAAP
FYE Mar 2019	1,524	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,814	+19.1%	Cons. · IFRS
FYE Mar 2021	1,806	−0.5%	Cons. · IFRS
FYE Mar 2022	1,849	+2.4%	Cons. · IFRS
FYE Mar 2023	1,863	+0.7%	Cons. · IFRS
FYE Mar 2024	1,830	−1.8%	Cons. · IFRS
FYE Mar 2025	1,766	−3.5%	Cons. · IFRS
FYE Mar 2026	1,959	+10.9%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥443bn

CAGR · 10 yrs +8.5%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	212	n/a	Cons. · Japanese GAAP
FYE Mar 2018	292	+37.3%	Cons. · Japanese GAAP
FYE Mar 2019	329	moved to IFRS	Cons. · IFRS
FYE Mar 2020	376	+14.3%	Cons. · IFRS
FYE Mar 2021	277	−26.4%	Cons. · IFRS
FYE Mar 2022	340	+22.6%	Cons. · IFRS
FYE Mar 2023	397	+16.9%	Cons. · IFRS
FYE Mar 2024	426	+7.4%	Cons. · IFRS
FYE Mar 2025	395	−7.3%	Cons. · IFRS
FYE Mar 2026	443	+12.1%	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 ¥1.52tn

CAGR · 10 yrs +4.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1,038	n/a	Cons. · Japanese GAAP
FYE Mar 2018	944	−9.0%	Cons. · Japanese GAAP
FYE Mar 2019	1,194	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,438	+20.4%	Cons. · IFRS
FYE Mar 2021	1,529	+6.3%	Cons. · IFRS
FYE Mar 2022	1,510	−1.3%	Cons. · IFRS
FYE Mar 2023	1,466	−2.9%	Cons. · IFRS
FYE Mar 2024	1,404	−4.2%	Cons. · IFRS
FYE Mar 2025	1,371	−2.3%	Cons. · IFRS
FYE Mar 2026	1,516	+10.6%	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 ¥209bn

CAGR · 10 yrs +11.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	78.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	73.2	−6.6%	Cons. · Japanese GAAP
FYE Mar 2019	82.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	88.8	+7.6%	Cons. · IFRS
FYE Mar 2021	95.1	+7.0%	Cons. · IFRS
FYE Mar 2022	109	+14.2%	Cons. · IFRS
FYE Mar 2023	127	+16.9%	Cons. · IFRS
FYE Mar 2024	141	+10.8%	Cons. · IFRS
FYE Mar 2025	201	+43.0%	Cons. · IFRS
FYE Mar 2026	209	+3.9%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥31bn

CAGR · 10 yrs +22.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.5	−12.9%	Cons. · Japanese GAAP
FYE Mar 2019	4.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	6.5	+46.2%	Cons. · IFRS
FYE Mar 2021	6.2	−4.6%	Cons. · IFRS
FYE Mar 2022	8.2	+31.8%	Cons. · IFRS
FYE Mar 2023	14.9	+82.4%	Cons. · IFRS
FYE Mar 2024	15.4	+3.6%	Cons. · IFRS
FYE Mar 2025	34.0	+120.1%	Cons. · IFRS
FYE Mar 2026	31.3	−7.8%	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 43.4%

Average · 10 yrs 40.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	43.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	43.9	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	43.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	33.3	−10.0pp	Cons. · IFRS
FYE Mar 2021	34.3	+1.0pp	Cons. · IFRS
FYE Mar 2022	36.0	+1.7pp	Cons. · IFRS
FYE Mar 2023	37.1	+1.0pp	Cons. · IFRS
FYE Mar 2024	41.5	+4.5pp	Cons. · IFRS
FYE Mar 2025	43.8	+2.3pp	Cons. · IFRS
FYE Mar 2026	43.4	−0.4pp	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 76.6%

Average · 10 yrs 85.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	66.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	71.3	+4.7pp	Cons. · Japanese GAAP
FYE Mar 2019	75.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	117.2	+41.6pp	Cons. · IFRS
FYE Mar 2021	113.0	−4.2pp	Cons. · IFRS
FYE Mar 2022	97.0	−16.0pp	Cons. · IFRS
FYE Mar 2023	91.0	−6.0pp	Cons. · IFRS
FYE Mar 2024	76.6	−14.4pp	Cons. · IFRS
FYE Mar 2025	71.4	−5.1pp	Cons. · IFRS
FYE Mar 2026	76.6	+5.1pp	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 2.7%

Average · 10 yrs 4.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	3.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.4	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2019	8.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-12.8	−20.9pp	Cons. · IFRS
FYE Mar 2021	-1.4	+11.4pp	Cons. · IFRS
FYE Mar 2022	15.1	+16.5pp	Cons. · IFRS
FYE Mar 2023	7.9	−7.2pp	Cons. · IFRS
FYE Mar 2024	8.3	+0.3pp	Cons. · IFRS
FYE Mar 2025	3.7	−4.5pp	Cons. · IFRS
FYE Mar 2026	2.7	−1.0pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 1.2%

Average · 10 yrs 1.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.3	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	3.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-4.3	−7.8pp	Cons. · IFRS
FYE Mar 2021	-0.5	+3.8pp	Cons. · IFRS
FYE Mar 2022	5.4	+5.9pp	Cons. · IFRS
FYE Mar 2023	2.9	−2.5pp	Cons. · IFRS
FYE Mar 2024	3.4	+0.5pp	Cons. · IFRS
FYE Mar 2025	1.6	−1.8pp	Cons. · IFRS
FYE Mar 2026	1.2	−0.4pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.77×

CAGR · 10 yrs +0.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.76	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.83	+8.5%	Cons. · Japanese GAAP
FYE Mar 2019	0.85	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.80	−5.8%	Cons. · IFRS
FYE Mar 2021	0.69	−13.6%	Cons. · IFRS
FYE Mar 2022	0.83	+19.1%	Cons. · IFRS
FYE Mar 2023	0.95	+15.5%	Cons. · IFRS
FYE Mar 2024	0.90	−5.7%	Cons. · IFRS
FYE Mar 2025	0.86	−4.3%	Cons. · IFRS
FYE Mar 2026	0.77	−10.5%	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 ¥379bn

CAGR · 10 yrs +8.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	185	n/a	Cons. · Japanese GAAP
FYE Mar 2018	299	+61.1%	Cons. · Japanese GAAP
FYE Mar 2019	236	moved to IFRS	Cons. · IFRS
FYE Mar 2020	261	+10.7%	Cons. · IFRS
FYE Mar 2021	247	−5.3%	Cons. · IFRS
FYE Mar 2022	299	+20.8%	Cons. · IFRS
FYE Mar 2023	396	+32.5%	Cons. · IFRS
FYE Mar 2024	479	+21.0%	Cons. · IFRS
FYE Mar 2025	379	−20.9%	Cons. · IFRS
FYE Mar 2026	379	−0.0%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥453bn

Average · 10 yrs -¥279bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-164	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-195	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-285	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-358	n/a	Cons. · IFRS
FYE Mar 2021	-164	n/a	Cons. · IFRS
FYE Mar 2022	-288	n/a	Cons. · IFRS
FYE Mar 2023	-274	n/a	Cons. · IFRS
FYE Mar 2024	-325	n/a	Cons. · IFRS
FYE Mar 2025	-283	n/a	Cons. · IFRS
FYE Mar 2026	-453	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 ¥62bn

Average · 10 yrs -¥29bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-18.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-91.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	57.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	104	+82.3%	Cons. · IFRS
FYE Mar 2021	-30.1	−129.0%	Cons. · IFRS
FYE Mar 2022	-57.4	n/a	Cons. · IFRS
FYE Mar 2023	-110	n/a	Cons. · IFRS
FYE Mar 2024	-45.5	n/a	Cons. · IFRS
FYE Mar 2025	-157	n/a	Cons. · IFRS
FYE Mar 2026	61.7	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 ¥168bn

CAGR · 10 yrs +10.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	69.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	75.2	+8.4%	Cons. · Japanese GAAP
FYE Mar 2019	84.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	86.7	+2.3%	Cons. · IFRS
FYE Mar 2021	142	+64.3%	Cons. · IFRS
FYE Mar 2022	102	−28.5%	Cons. · IFRS
FYE Mar 2023	119	+17.3%	Cons. · IFRS
FYE Mar 2024	243	+103.6%	Cons. · IFRS
FYE Mar 2025	173	−28.9%	Cons. · IFRS
FYE Mar 2026	168	−2.9%	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 -¥74bn

Average · 10 yrs ¥37bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	21.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	104	+379.5%	Cons. · Japanese GAAP
FYE Mar 2019	-48.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-97.3	n/a	Cons. · IFRS
FYE Mar 2021	83.1	n/a	Cons. · IFRS
FYE Mar 2022	10.7	−87.1%	Cons. · IFRS
FYE Mar 2023	121	+1035.0%	Cons. · IFRS
FYE Mar 2024	154	+26.5%	Cons. · IFRS
FYE Mar 2025	95.8	−37.7%	Cons. · IFRS
FYE Mar 2026	-73.7	−176.9%	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 8.4%

Average · 10 yrs 7.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	6.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7.0	+1.0pp	Cons. · IFRS
FYE Mar 2021	7.7	+0.7pp	Cons. · IFRS
FYE Mar 2022	6.8	−0.8pp	Cons. · IFRS
FYE Mar 2023	7.5	+0.7pp	Cons. · IFRS
FYE Mar 2024	9.3	+1.7pp	Cons. · IFRS
FYE Mar 2025	7.8	−1.5pp	Cons. · IFRS
FYE Mar 2026	8.4	+0.6pp	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 -¥1.79tn

Average · 10 yrs -¥1.58tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-1,173	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1,316	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-1,439	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-1,728	n/a	Cons. · IFRS
FYE Mar 2021	-1,664	n/a	Cons. · IFRS
FYE Mar 2022	-1,748	n/a	Cons. · IFRS
FYE Mar 2023	-1,744	n/a	Cons. · IFRS
FYE Mar 2024	-1,587	n/a	Cons. · IFRS
FYE Mar 2025	-1,594	n/a	Cons. · IFRS
FYE Mar 2026	-1,792	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 ¥1.16tn

Change · 8 yrs −¥8.9bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,173	n/a
FYE Mar 2018	1,321	n/a
FYE Mar 2019	1,151	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	1,045	n/a
FYE Mar 2023	1,035	n/a
FYE Mar 2024	1,633	n/a
FYE Mar 2025	1,173	n/a
FYE Mar 2026	1,164	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 1,820¥

Change · 8 yrs −89¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,909	n/a
FYE Mar 2018	2,151	n/a
FYE Mar 2019	1,873	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	1,701	n/a
FYE Mar 2023	1,684	n/a
FYE Mar 2024	2,554	n/a
FYE Mar 2025	1,834	n/a
FYE Mar 2026	1,820	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 639,438,000shares

Change · 10 yrs +25,000,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	614,438,000	Parent
FYE Mar 2018	614,438,000	Parent
FYE Mar 2019	614,438,000	Parent
FYE Mar 2020	614,438,000	Parent
FYE Mar 2021	614,438,000	Parent
FYE Mar 2022	614,438,000	Parent
FYE Mar 2023	614,438,000	Parent
FYE Mar 2024	639,438,000	Parent
FYE Mar 2025	639,438,000	Parent
FYE Mar 2026	639,438,000	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 110.30¥

Change · 10 yrs −7.51¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	117.81	Cons.
FYE Mar 2018	169.34	Cons.
FYE Mar 2019	283.81	Cons.
FYE Mar 2020	-343.39	Cons.
FYE Mar 2021	-37.98	Cons.
FYE Mar 2022	500.28	Cons.
FYE Mar 2023	280.68	Cons.
FYE Mar 2024	323.33	Cons.
FYE Mar 2025	144.43	Cons.
FYE Mar 2026	110.30	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 4,001.77¥

Change · 10 yrs +965.11¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,036.66	Cons. · Japanese GAAP
FYE Mar 2018	3,174.53	Cons. · Japanese GAAP
FYE Mar 2019	3,277.29	Cons. · IFRS
FYE Mar 2020	2,518.56	Cons. · IFRS
FYE Mar 2021	2,601.23	Cons. · IFRS
FYE Mar 2022	3,101.69	Cons. · IFRS
FYE Mar 2023	3,331.90	Cons. · IFRS
FYE Mar 2024	3,737.24	Cons. · IFRS
FYE Mar 2025	3,866.35	Cons. · IFRS
FYE Mar 2026	4,001.77	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 16.50×

Average · 8 yrs 10.25×

Fiscal year	PER ×	Basis
FYE Mar 2017	16.20	Cons.
FYE Mar 2018	12.70	Cons.
FYE Mar 2019	6.60	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	3.40	Cons.
FYE Mar 2023	6.00	Cons.
FYE Mar 2024	7.90	Cons.
FYE Mar 2025	12.70	Cons.
FYE Mar 2026	16.50	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 0.44×

Average · 8 yrs 0.55×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.62	Cons.
FYE Mar 2018	0.67	Cons.
FYE Mar 2019	0.56	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.49	Cons.
FYE Mar 2023	0.46	Cons.
FYE Mar 2024	0.66	Cons.
FYE Mar 2025	0.46	Cons.
FYE Mar 2026	0.44	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 61,628people

Change · 10 yrs +1,189 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	60,439	n/a	Cons.
FYE Mar 2018	61,234	+1.3%	Cons.
FYE Mar 2019	62,083	+1.4%	Cons.
FYE Mar 2020	64,009	+3.1%	Cons.
FYE Mar 2021	64,371	+0.6%	Cons.
FYE Mar 2022	64,296	−0.1%	Cons.
FYE Mar 2023	64,241	−0.1%	Cons.
FYE Mar 2024	62,218	−3.1%	Cons.
FYE Mar 2025	61,296	−1.5%	Cons.
FYE Mar 2026	61,628	+0.5%	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 60people

Change · 10 yrs +20 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	40	n/a	Parent
FYE Mar 2018	40	−0.0%	Parent
FYE Mar 2019	41	+2.5%	Parent
FYE Mar 2020	45	+9.8%	Parent
FYE Mar 2021	52	+15.6%	Parent
FYE Mar 2022	51	−1.9%	Parent
FYE Mar 2023	55	+7.8%	Parent
FYE Mar 2024	53	−3.6%	Parent
FYE Mar 2025	55	+3.8%	Parent
FYE Mar 2026	60	+9.1%	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 ¥12.3m

Change · 10 yrs +¥2.9m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	9.4	n/a	Parent
FYE Mar 2018	9.4	+0.4%	Parent
FYE Mar 2019	10.9	+15.7%	Parent
FYE Mar 2020	11.0	+0.6%	Parent
FYE Mar 2021	9.7	−11.9%	Parent
FYE Mar 2022	9.6	−0.7%	Parent
FYE Mar 2023	12.4	+29.5%	Parent
FYE Mar 2024	11.7	−5.7%	Parent
FYE Mar 2025	12.6	+8.0%	Parent
FYE Mar 2026	12.3	−2.9%	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 48.0years

Change · 8 yrs +3.8 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	44.2	n/a	Parent
FYE Mar 2020	44.2	−0.0%	Parent
FYE Mar 2021	45.1	+2.0%	Parent
FYE Mar 2022	46.0	+2.0%	Parent
FYE Mar 2023	46.1	+0.2%	Parent
FYE Mar 2024	47.5	+3.0%	Parent
FYE Mar 2025	47.0	−1.1%	Parent
FYE Mar 2026	48.0	+2.1%	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 23.5years

Change · 10 yrs +1.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	22.0	n/a	Parent
FYE Mar 2018	22.4	+1.8%	Parent
FYE Mar 2019	22.2	−0.9%	Parent
FYE Mar 2020	20.4	−8.1%	Parent
FYE Mar 2021	21.2	+3.9%	Parent
FYE Mar 2022	22.0	+3.8%	Parent
FYE Mar 2023	21.8	−0.9%	Parent
FYE Mar 2024	23.6	+8.3%	Parent
FYE Mar 2025	22.9	−3.0%	Parent
FYE Mar 2026	23.5	+2.6%	Parent

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

Revenue per employee

FYE Mar 2026 ¥73.7m

Change · 10 yrs +¥18.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	54.7	n/a	Cons.
FYE Mar 2018	60.1	+9.7%	Cons.
FYE Mar 2019	63.8	n/a	Cons.
FYE Mar 2020	58.3	−8.7%	Cons.
FYE Mar 2021	50.1	−14.0%	Cons.
FYE Mar 2022	67.9	+35.4%	Cons.
FYE Mar 2023	82.0	+20.8%	Cons.
FYE Mar 2024	83.2	+1.4%	Cons.
FYE Mar 2025	79.3	−4.7%	Cons.
FYE Mar 2026	73.7	−7.1%	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 +¥0.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons.
FYE Mar 2018	2.7	+70.7%	Cons.
FYE Mar 2019	3.6	n/a	Cons.
FYE Mar 2020	-3.1	−187.9%	Cons.
FYE Mar 2021	0.1	n/a	Cons.
FYE Mar 2022	6.2	+5195.5%	Cons.
FYE Mar 2023	3.5	−43.7%	Cons.
FYE Mar 2024	4.6	+31.7%	Cons.
FYE Mar 2025	2.7	−41.6%	Cons.
FYE Mar 2026	1.8	−32.4%	Cons.

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

Disclaimer

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

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

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