Financials

Yamato Kogyo: FYE Mar 2026 and ten years of results (48 metrics)

FYE Mar 2026 · Revenue¥160bnYoY −4.7%

FYE Mar 2026 · Operating profit¥4.5bnYoY −60.9%

FYE Mar 2026 · Net profit¥62bnYoY +96.0%

FYE Mar 2026 · Equity ratio85.5%YoY +0.7pp

FYE Mar 2026 · Group employees2,463YoY −122

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥142bn	n/a	¥11bn	n/a	7.6%	¥11bn	Inoue Hiroyuki	—
FYE Mar 2018Consolidated	¥176bn	+23.9%	¥8.3bn	−22.3%	4.7%	¥12bn	Inoue Hiroyuki	<a class="en-history_person" href="/tse/5444/executives/ceo/kobayashi-mikio/" hreflang="ja">Kobayashi Mikio</a> — the first president from outside the family
FYE Mar 2019Consolidated	¥201bn	+14.3%	¥9.3bn	+11.2%	4.6%	¥23bn	Kobayashi Mikio	—
FYE Mar 2020Consolidated	¥182bn	−9.6%	¥11bn	+22.2%	6.2%	¥15bn	Kobayashi Mikio	—
FYE Mar 2021Consolidated	¥136bn	−25.2%	¥10bn	−11.6%	7.4%	¥5.0bn	Kobayashi Mikio	Enters Vietnam; exits the Korean bar business
FYE Mar 2022Consolidated	¥150bn	+10.3%	¥13bn	+32.7%	8.9%	¥40bn	Kobayashi Mikio	—
FYE Mar 2023Consolidated	¥180bn	+20.3%	¥17bn	+26.5%	9.3%	¥65bn	Kobayashi Mikio	Moves to the TSE Prime Market; NEXTRA2024 plan
FYE Mar 2024Consolidated	¥163bn	−9.4%	¥17bn	+2.8%	10.6%	¥70bn	Kobayashi Mikio	Record year — recurring profit ¥99.2bn
FYE Mar 2025Consolidated	¥168bn	+2.9%	¥11bn	−33.5%	6.8%	¥32bn	Kobayashi Mikio	PT Garuda Yamato Steel consolidated in Indonesia
FYE Mar 2026Consolidated	¥160bn	−4.7%	¥4.5bn	−60.9%	2.8%	¥62bn	Kobayashi Mikio	—

How it compares

Kyoueiseikou¥323bnFY2024Operating margin 4.7%

Tokyo Steel¥268bnFY2025Operating margin 2.7%

Goudouseitetsu¥205bnFY2024Operating margin 6.7%

Yamato Kogyo¥160bnFY2025Operating margin 2.8%

Oosakaseitetsu¥116bnFY2024Operating margin 4.6%

Toukyoutekkou¥83bnFY2024Operating margin 17.8%

Chuubukouhan¥51bnFY2024Operating margin 5.3%

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 Mar 2026 ¥160bn

CAGR · 10 yrs +1.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	142	n/a	Cons. · Japanese GAAP
FYE Mar 2018	176	+23.9%	Cons. · Japanese GAAP
FYE Mar 2019	201	+14.3%	Cons. · Japanese GAAP
FYE Mar 2020	182	−9.6%	Cons. · Japanese GAAP
FYE Mar 2021	136	−25.2%	Cons. · Japanese GAAP
FYE Mar 2022	150	+10.3%	Cons. · Japanese GAAP
FYE Mar 2023	180	+20.3%	Cons. · Japanese GAAP
FYE Mar 2024	163	−9.4%	Cons. · Japanese GAAP
FYE Mar 2025	168	+2.9%	Cons. · Japanese GAAP
FYE Mar 2026	160	−4.7%	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 Mar 2026 ¥138bn

CAGR · 10 yrs +1.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	118	n/a	Cons. · Japanese GAAP
FYE Mar 2018	154	+30.0%	Cons. · Japanese GAAP
FYE Mar 2019	177	+15.1%	Cons. · Japanese GAAP
FYE Mar 2020	156	−11.9%	Cons. · Japanese GAAP
FYE Mar 2021	113	−27.2%	Cons. · Japanese GAAP
FYE Mar 2022	124	+9.2%	Cons. · Japanese GAAP
FYE Mar 2023	149	+20.2%	Cons. · Japanese GAAP
FYE Mar 2024	132	−11.5%	Cons. · Japanese GAAP
FYE Mar 2025	139	+5.4%	Cons. · Japanese GAAP
FYE Mar 2026	138	−0.5%	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 Mar 2026 ¥22bn

CAGR · 10 yrs −0.8%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	23.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.5	−6.2%	Cons. · Japanese GAAP
FYE Mar 2019	24.4	+8.8%	Cons. · Japanese GAAP
FYE Mar 2020	26.2	+7.3%	Cons. · Japanese GAAP
FYE Mar 2021	22.7	−13.5%	Cons. · Japanese GAAP
FYE Mar 2022	26.2	+15.7%	Cons. · Japanese GAAP
FYE Mar 2023	31.7	+20.7%	Cons. · Japanese GAAP
FYE Mar 2024	31.8	+0.4%	Cons. · Japanese GAAP
FYE Mar 2025	29.5	−7.1%	Cons. · Japanese GAAP
FYE Mar 2026	22.3	−24.4%	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 Mar 2026 ¥18bn

CAGR · 10 yrs +3.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	13.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.1	+6.9%	Cons. · Japanese GAAP
FYE Mar 2019	15.2	+7.5%	Cons. · Japanese GAAP
FYE Mar 2020	14.9	−1.8%	Cons. · Japanese GAAP
FYE Mar 2021	12.7	−15.0%	Cons. · Japanese GAAP
FYE Mar 2022	13.0	+2.3%	Cons. · Japanese GAAP
FYE Mar 2023	14.9	+14.8%	Cons. · Japanese GAAP
FYE Mar 2024	14.5	−2.4%	Cons. · Japanese GAAP
FYE Mar 2025	18.0	+24.2%	Cons. · Japanese GAAP
FYE Mar 2026	17.8	−1.2%	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 Mar 2026 ¥4.5bn

CAGR · 10 yrs −9.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.3	−22.3%	Cons. · Japanese GAAP
FYE Mar 2019	9.3	+11.2%	Cons. · Japanese GAAP
FYE Mar 2020	11.3	+22.2%	Cons. · Japanese GAAP
FYE Mar 2021	10.0	−11.6%	Cons. · Japanese GAAP
FYE Mar 2022	13.3	+32.7%	Cons. · Japanese GAAP
FYE Mar 2023	16.8	+26.5%	Cons. · Japanese GAAP
FYE Mar 2024	17.3	+2.8%	Cons. · Japanese GAAP
FYE Mar 2025	11.5	−33.5%	Cons. · Japanese GAAP
FYE Mar 2026	4.5	−60.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥61bn

CAGR · 10 yrs +20.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	11.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.1	−8.2%	Cons. · Japanese GAAP
FYE Mar 2019	22.2	+119.4%	Cons. · Japanese GAAP
FYE Mar 2020	12.3	−44.7%	Cons. · Japanese GAAP
FYE Mar 2021	11.7	−5.2%	Cons. · Japanese GAAP
FYE Mar 2022	44.6	+282.9%	Cons. · Japanese GAAP
FYE Mar 2023	73.9	+65.5%	Cons. · Japanese GAAP
FYE Mar 2024	82.1	+11.2%	Cons. · Japanese GAAP
FYE Mar 2025	43.6	−46.9%	Cons. · Japanese GAAP
FYE Mar 2026	61.1	+40.1%	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 Mar 2026 ¥331m

CAGR · 10 yrs +2.3%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	269	n/a	Cons. · Japanese GAAP
FYE Mar 2018	653	+142.8%	Cons. · Japanese GAAP
FYE Mar 2019	47.0	−92.8%	Cons. · Japanese GAAP
FYE Mar 2020	509	+983.0%	Cons. · Japanese GAAP
FYE Mar 2021	105	−79.4%	Cons. · Japanese GAAP
FYE Mar 2022	282	+168.6%	Cons. · Japanese GAAP
FYE Mar 2023	175	−37.9%	Cons. · Japanese GAAP
FYE Mar 2024	158	−9.7%	Cons. · Japanese GAAP
FYE Mar 2025	671	+324.7%	Cons. · Japanese GAAP
FYE Mar 2026	331	−50.7%	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 Mar 2026 ¥65bn

CAGR · 10 yrs +13.1%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	21.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.8	−17.2%	Cons. · Japanese GAAP
FYE Mar 2019	31.5	+76.5%	Cons. · Japanese GAAP
FYE Mar 2020	23.1	−26.5%	Cons. · Japanese GAAP
FYE Mar 2021	21.6	−6.7%	Cons. · Japanese GAAP
FYE Mar 2022	57.6	+167.3%	Cons. · Japanese GAAP
FYE Mar 2023	90.5	+57.0%	Cons. · Japanese GAAP
FYE Mar 2024	99.2	+9.6%	Cons. · Japanese GAAP
FYE Mar 2025	54.4	−45.2%	Cons. · Japanese GAAP
FYE Mar 2026	65.2	+19.9%	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 Mar 2026 ¥17bn

CAGR · 10 yrs +118.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.4	+2440.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.2	−54.9%	Cons. · Japanese GAAP
FYE Mar 2020	0.0	−92.4%	Cons. · Japanese GAAP
FYE Mar 2021	0.0	−76.9%	Cons. · Japanese GAAP
FYE Mar 2022	0.0	+166.7%	Cons. · Japanese GAAP
FYE Mar 2023	0.0	+137.5%	Cons. · Japanese GAAP
FYE Mar 2024	0.0	−15.8%	Cons. · Japanese GAAP
FYE Mar 2025	0.1	+687.5%	Cons. · Japanese GAAP
FYE Mar 2026	16.8	+13260.3%	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 Mar 2026 ¥1.6bn

CAGR · 10 yrs +40.3%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.1	+66.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.1	+12.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.3	+149.3%	Cons. · Japanese GAAP
FYE Mar 2021	9.8	+2708.9%	Cons. · Japanese GAAP
FYE Mar 2022	0.3	−97.1%	Cons. · Japanese GAAP
FYE Mar 2023	1.3	+354.8%	Cons. · Japanese GAAP
FYE Mar 2024	2.7	+112.1%	Cons. · Japanese GAAP
FYE Mar 2025	0.6	−76.2%	Cons. · Japanese GAAP
FYE Mar 2026	1.6	+145.0%	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 Mar 2026 ¥62bn

CAGR · 10 yrs +20.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	11.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.2	+8.1%	Cons. · Japanese GAAP
FYE Mar 2019	22.8	+86.2%	Cons. · Japanese GAAP
FYE Mar 2020	14.8	−35.2%	Cons. · Japanese GAAP
FYE Mar 2021	5.0	−66.2%	Cons. · Japanese GAAP
FYE Mar 2022	39.9	+700.9%	Cons. · Japanese GAAP
FYE Mar 2023	65.3	+63.6%	Cons. · Japanese GAAP
FYE Mar 2024	70.0	+7.2%	Cons. · Japanese GAAP
FYE Mar 2025	31.8	−54.5%	Cons. · Japanese GAAP
FYE Mar 2026	62.4	+96.0%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 13.9%

Average · 10 yrs 15.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	16.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.8	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2019	12.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	14.4	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	16.7	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2022	17.5	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2023	17.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	19.5	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2025	17.5	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2026	13.9	−3.6pp	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 Mar 2026 2.8%

Average · 10 yrs 6.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	7.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.7	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2019	4.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	6.2	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2021	7.4	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	8.9	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	9.3	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	10.6	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2025	6.8	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2026	2.8	−4.0pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 40.7%

Average · 10 yrs 29.2%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	15.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.1	−5.0pp	Cons. · Japanese GAAP
FYE Mar 2019	15.6	+5.5pp	Cons. · Japanese GAAP
FYE Mar 2020	12.7	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2021	15.9	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2022	38.4	+22.6pp	Cons. · Japanese GAAP
FYE Mar 2023	50.2	+11.7pp	Cons. · Japanese GAAP
FYE Mar 2024	60.7	+10.5pp	Cons. · Japanese GAAP
FYE Mar 2025	32.3	−28.4pp	Cons. · Japanese GAAP
FYE Mar 2026	40.7	+8.3pp	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 Mar 2026 38.9%

Average · 10 yrs 20.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.0	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	11.3	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2020	8.1	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2021	3.7	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2022	26.6	+22.9pp	Cons. · Japanese GAAP
FYE Mar 2023	36.2	+9.6pp	Cons. · Japanese GAAP
FYE Mar 2024	42.8	+6.6pp	Cons. · Japanese GAAP
FYE Mar 2025	18.9	−23.9pp	Cons. · Japanese GAAP
FYE Mar 2026	38.9	+20.0pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 86.1%

Average · 10 yrs 84.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	83.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	87.2	+4.1pp	Cons. · Japanese GAAP
FYE Mar 2019	87.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	85.6	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	83.3	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2022	82.5	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2023	82.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	80.5	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2025	82.5	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2026	86.1	+3.6pp	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 Mar 2026 11.1%

Average · 10 yrs 9.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.0	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	7.5	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	8.2	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	9.3	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	8.6	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	8.2	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	8.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	10.7	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2026	11.1	+0.4pp	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 Mar 2026 ¥634bn

CAGR · 10 yrs +6.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	349	n/a	Cons. · Japanese GAAP
FYE Mar 2018	367	+5.2%	Cons. · Japanese GAAP
FYE Mar 2019	384	+4.6%	Cons. · Japanese GAAP
FYE Mar 2020	383	−0.3%	Cons. · Japanese GAAP
FYE Mar 2021	360	−6.1%	Cons. · Japanese GAAP
FYE Mar 2022	415	+15.3%	Cons. · Japanese GAAP
FYE Mar 2023	515	+24.1%	Cons. · Japanese GAAP
FYE Mar 2024	609	+18.2%	Cons. · Japanese GAAP
FYE Mar 2025	657	+8.0%	Cons. · Japanese GAAP
FYE Mar 2026	634	−3.6%	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 Mar 2026 ¥542bn

CAGR · 10 yrs +7.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	289	n/a	Cons. · Japanese GAAP
FYE Mar 2018	298	+3.1%	Cons. · Japanese GAAP
FYE Mar 2019	311	+4.4%	Cons. · Japanese GAAP
FYE Mar 2020	318	+2.1%	Cons. · Japanese GAAP
FYE Mar 2021	302	−5.0%	Cons. · Japanese GAAP
FYE Mar 2022	350	+16.0%	Cons. · Japanese GAAP
FYE Mar 2023	441	+25.8%	Cons. · Japanese GAAP
FYE Mar 2024	523	+18.7%	Cons. · Japanese GAAP
FYE Mar 2025	558	+6.6%	Cons. · Japanese GAAP
FYE Mar 2026	542	−2.8%	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 Mar 2026 ¥0.7bn

Average · 4 yrs ¥0.7bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	2.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	0.7	−62.0%	Cons. · Japanese GAAP

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

Intangible assets

FYE Mar 2026 ¥16bn

CAGR · 10 yrs +32.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	−28.3%	Cons. · Japanese GAAP
FYE Mar 2019	0.6	−32.2%	Cons. · Japanese GAAP
FYE Mar 2020	0.6	−1.3%	Cons. · Japanese GAAP
FYE Mar 2021	1.5	+145.2%	Cons. · Japanese GAAP
FYE Mar 2022	1.6	+9.8%	Cons. · Japanese GAAP
FYE Mar 2023	1.8	+12.6%	Cons. · Japanese GAAP
FYE Mar 2024	1.9	+3.9%	Cons. · Japanese GAAP
FYE Mar 2025	17.7	+829.6%	Cons. · Japanese GAAP
FYE Mar 2026	15.9	−10.6%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥12bn

CAGR · 9 yrs +38.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	−40.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.2	−66.8%	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2022	0.8	−11.2%	Cons. · Japanese GAAP
FYE Mar 2023	0.7	−12.7%	Cons. · Japanese GAAP
FYE Mar 2024	0.6	−14.4%	Cons. · Japanese GAAP
FYE Mar 2025	13.9	+2196.7%	Cons. · Japanese GAAP
FYE Mar 2026	12.2	−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 Mar 2026 85.5%

Average · 10 yrs 83.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	82.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	81.2	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	81.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	83.0	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2021	84.0	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	84.4	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	85.6	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2024	85.9	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	84.8	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	85.5	+0.7pp	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 Mar 2026 0.1%

Average · 4 yrs 0.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.4	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	0.1	−0.2pp	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 Mar 2026 11.5%

Average · 10 yrs 7.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	7.3	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2020	4.6	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2021	1.7	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2022	11.4	+9.7pp	Cons. · Japanese GAAP
FYE Mar 2023	14.8	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2024	13.4	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2025	5.7	−7.7pp	Cons. · Japanese GAAP
FYE Mar 2026	11.5	+5.8pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 9.8%

Average · 10 yrs 6.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	5.9	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2020	3.9	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2021	1.4	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2022	9.6	+8.2pp	Cons. · Japanese GAAP
FYE Mar 2023	12.7	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2024	11.5	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2025	4.8	−6.7pp	Cons. · Japanese GAAP
FYE Mar 2026	9.8	+5.0pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.25×

CAGR · 10 yrs −5.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.41	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.48	+17.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.52	+9.3%	Cons. · Japanese GAAP
FYE Mar 2020	0.48	−9.4%	Cons. · Japanese GAAP
FYE Mar 2021	0.38	−20.4%	Cons. · Japanese GAAP
FYE Mar 2022	0.36	−4.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.35	−3.1%	Cons. · Japanese GAAP
FYE Mar 2024	0.27	−23.4%	Cons. · Japanese GAAP
FYE Mar 2025	0.26	−4.7%	Cons. · Japanese GAAP
FYE Mar 2026	0.25	−1.1%	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 Mar 2026 ¥52bn

CAGR · 10 yrs +11.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	19.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.8	−28.3%	Cons. · Japanese GAAP
FYE Mar 2019	24.4	+77.4%	Cons. · Japanese GAAP
FYE Mar 2020	26.1	+7.0%	Cons. · Japanese GAAP
FYE Mar 2021	27.0	+3.6%	Cons. · Japanese GAAP
FYE Mar 2022	11.5	−57.6%	Cons. · Japanese GAAP
FYE Mar 2023	52.7	+359.6%	Cons. · Japanese GAAP
FYE Mar 2024	80.9	+53.7%	Cons. · Japanese GAAP
FYE Mar 2025	71.0	−12.2%	Cons. · Japanese GAAP
FYE Mar 2026	52.0	−26.7%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥41bn

Average · 10 yrs -¥19bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-14.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-18.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-13.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-22.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-24.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	76.7	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-10.3	−113.5%	Cons. · Japanese GAAP
FYE Mar 2024	-33.3	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-85.7	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-40.9	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 Mar 2026 -¥58bn

Average · 10 yrs -¥19bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-6.7	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-9.9	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-15.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-17.7	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-21.3	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-43.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-57.8	n/a	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 Mar 2026 ¥75bn

CAGR · 10 yrs +10.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	30.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.7	−26.0%	Cons. · Japanese GAAP
FYE Mar 2019	29.6	+30.1%	Cons. · Japanese GAAP
FYE Mar 2020	26.5	−10.4%	Cons. · Japanese GAAP
FYE Mar 2021	19.2	−27.7%	Cons. · Japanese GAAP
FYE Mar 2022	95.5	+398.2%	Cons. · Japanese GAAP
FYE Mar 2023	134	+40.2%	Cons. · Japanese GAAP
FYE Mar 2024	169	+26.0%	Cons. · Japanese GAAP
FYE Mar 2025	124	−26.5%	Cons. · Japanese GAAP
FYE Mar 2026	75.5	−39.2%	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 Mar 2026 ¥11bn

CAGR · 10 yrs +11.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-4.8	−211.6%	Cons. · Japanese GAAP
FYE Mar 2019	11.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	3.8	−66.7%	Cons. · Japanese GAAP
FYE Mar 2021	2.7	−29.6%	Cons. · Japanese GAAP
FYE Mar 2022	88.2	+3210.5%	Cons. · Japanese GAAP
FYE Mar 2023	42.3	−52.0%	Cons. · Japanese GAAP
FYE Mar 2024	47.6	+12.6%	Cons. · Japanese GAAP
FYE Mar 2025	-14.7	−130.8%	Cons. · Japanese GAAP
FYE Mar 2026	11.2	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 Mar 2026 32.4%

Average · 10 yrs 22.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	13.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.8	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2019	12.1	+4.3pp	Cons. · Japanese GAAP
FYE Mar 2020	14.3	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2021	19.9	+5.5pp	Cons. · Japanese GAAP
FYE Mar 2022	7.6	−12.2pp	Cons. · Japanese GAAP
FYE Mar 2023	29.2	+21.5pp	Cons. · Japanese GAAP
FYE Mar 2024	49.5	+20.3pp	Cons. · Japanese GAAP
FYE Mar 2025	42.2	−7.3pp	Cons. · Japanese GAAP
FYE Mar 2026	32.4	−9.8pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 ¥75bn

CAGR · 4 yrs +34.5%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	30.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	169	n/a	Cons. · Japanese GAAP
FYE Mar 2025	122	−27.6%	Cons. · Japanese GAAP
FYE Mar 2026	74.7	−38.8%	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 Mar 2026 ¥743bn

Change · 10 yrs +¥549bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	195	n/a
FYE Mar 2018	199	n/a
FYE Mar 2019	205	n/a
FYE Mar 2020	125	n/a
FYE Mar 2021	222	n/a
FYE Mar 2022	241	n/a
FYE Mar 2023	347	n/a
FYE Mar 2024	557	n/a
FYE Mar 2025	513	n/a
FYE Mar 2026	743	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 11,988¥

Change · 10 yrs +9,111¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,877	n/a
FYE Mar 2018	2,946	n/a
FYE Mar 2019	3,033	n/a
FYE Mar 2020	1,854	n/a
FYE Mar 2021	3,283	n/a
FYE Mar 2022	3,712	n/a
FYE Mar 2023	5,333	n/a
FYE Mar 2024	8,573	n/a
FYE Mar 2025	7,889	n/a
FYE Mar 2026	11,988	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 62,000,000shares

Change · 10 yrs −5,670,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	67,670,000	Parent
FYE Mar 2018	67,670,000	Parent
FYE Mar 2019	67,670,000	Parent
FYE Mar 2020	67,670,000	Parent
FYE Mar 2021	67,670,000	Parent
FYE Mar 2022	65,000,000	Parent
FYE Mar 2023	65,000,000	Parent
FYE Mar 2024	65,000,000	Parent
FYE Mar 2025	65,000,000	Parent
FYE Mar 2026	62,000,000	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 1,024.60¥

Change · 10 yrs +855.36¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	169.24	Cons.
FYE Mar 2018	182.97	Cons.
FYE Mar 2019	340.78	Cons.
FYE Mar 2020	220.72	Cons.
FYE Mar 2021	75.29	Cons.
FYE Mar 2022	618.62	Cons.
FYE Mar 2023	1,025.49	Cons.
FYE Mar 2024	1,099.15	Cons.
FYE Mar 2025	502.51	Cons.
FYE Mar 2026	1,024.60	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 8,737.82¥

Change · 10 yrs +4,465.00¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	4,272.82	Cons. · Japanese GAAP
FYE Mar 2018	4,404.34	Cons. · Japanese GAAP
FYE Mar 2019	4,600.16	Cons. · Japanese GAAP
FYE Mar 2020	4,696.00	Cons. · Japanese GAAP
FYE Mar 2021	4,463.53	Cons. · Japanese GAAP
FYE Mar 2022	5,390.02	Cons. · Japanese GAAP
FYE Mar 2023	6,778.82	Cons. · Japanese GAAP
FYE Mar 2024	8,044.20	Cons. · Japanese GAAP
FYE Mar 2025	8,578.05	Cons. · Japanese GAAP
FYE Mar 2026	8,737.82	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 11.70×

Average · 10 yrs 14.04×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.00	Cons.
FYE Mar 2018	16.10	Cons.
FYE Mar 2019	8.90	Cons.
FYE Mar 2020	8.40	Cons.
FYE Mar 2021	43.60	Cons.
FYE Mar 2022	6.00	Cons.
FYE Mar 2023	5.20	Cons.
FYE Mar 2024	7.80	Cons.
FYE Mar 2025	15.70	Cons.
FYE Mar 2026	11.70	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 1.32×

Average · 10 yrs 0.78×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.67	Cons.
FYE Mar 2018	0.66	Cons.
FYE Mar 2019	0.65	Cons.
FYE Mar 2020	0.39	Cons.
FYE Mar 2021	0.71	Cons.
FYE Mar 2022	0.67	Cons.
FYE Mar 2023	0.77	Cons.
FYE Mar 2024	1.04	Cons.
FYE Mar 2025	0.88	Cons.
FYE Mar 2026	1.32	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 2,463people

Change · 10 yrs +793 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	1,670	n/a	Cons.
FYE Mar 2018	1,731	+3.7%	Cons.
FYE Mar 2019	1,776	+2.6%	Cons.
FYE Mar 2020	1,791	+0.8%	Cons.
FYE Mar 2021	1,378	−23.1%	Cons.
FYE Mar 2022	1,395	+1.2%	Cons.
FYE Mar 2023	1,398	+0.2%	Cons.
FYE Mar 2024	1,414	+1.1%	Cons.
FYE Mar 2025	2,585	+82.8%	Cons.
FYE Mar 2026	2,463	−4.7%	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 130people

Change · 10 yrs +94 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	36	n/a	Parent
FYE Mar 2018	36	−0.0%	Parent
FYE Mar 2019	41	+13.9%	Parent
FYE Mar 2020	44	+7.3%	Parent
FYE Mar 2021	49	+11.4%	Parent
FYE Mar 2022	68	+38.8%	Parent
FYE Mar 2023	70	+2.9%	Parent
FYE Mar 2024	88	+25.7%	Parent
FYE Mar 2025	106	+20.5%	Parent
FYE Mar 2026	130	+22.6%	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 1,013万円

Change · 8 yrs +313万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	700	n/a	Parent
FYE Mar 2020	760	+8.6%	Parent
FYE Mar 2021	789	+3.9%	Parent
FYE Mar 2022	795	+0.7%	Parent
FYE Mar 2023	828	+4.2%	Parent
FYE Mar 2024	893	+7.9%	Parent
FYE Mar 2025	953	+6.7%	Parent
FYE Mar 2026	1,013	+6.3%	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 38.6years

Change · 8 yrs −0.8 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	39.4	n/a	Parent
FYE Mar 2020	39.4	−0.0%	Parent
FYE Mar 2021	39.4	−0.0%	Parent
FYE Mar 2022	39.1	−0.8%	Parent
FYE Mar 2023	39.4	+0.8%	Parent
FYE Mar 2024	40.1	+1.8%	Parent
FYE Mar 2025	39.1	−2.5%	Parent
FYE Mar 2026	38.6	−1.3%	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 9.3years

Change · 8 yrs −1.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	10.4	n/a	Parent
FYE Mar 2020	10.7	+2.9%	Parent
FYE Mar 2021	10.8	+0.9%	Parent
FYE Mar 2022	10.4	−3.7%	Parent
FYE Mar 2023	9.8	−5.8%	Parent
FYE Mar 2024	9.9	+1.0%	Parent
FYE Mar 2025	8.9	−10.1%	Parent
FYE Mar 2026	9.3	+4.5%	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 ¥65.1m

Change · 10 yrs −¥20.0m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	85.1	n/a	Cons.
FYE Mar 2018	102	+19.5%	Cons.
FYE Mar 2019	113	+11.4%	Cons.
FYE Mar 2020	102	−10.4%	Cons.
FYE Mar 2021	98.7	−2.8%	Cons.
FYE Mar 2022	108	+9.0%	Cons.
FYE Mar 2023	129	+20.0%	Cons.
FYE Mar 2024	116	−10.4%	Cons.
FYE Mar 2025	65.1	−43.7%	Cons.
FYE Mar 2026	65.1	−0.0%	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 −¥4.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons.
FYE Mar 2018	4.8	−25.1%	Cons.
FYE Mar 2019	5.2	+8.4%	Cons.
FYE Mar 2020	6.3	+21.2%	Cons.
FYE Mar 2021	7.3	+14.9%	Cons.
FYE Mar 2022	9.5	+31.0%	Cons.
FYE Mar 2023	12.0	+26.2%	Cons.
FYE Mar 2024	12.2	+1.6%	Cons.
FYE Mar 2025	4.4	−63.6%	Cons.
FYE Mar 2026	1.8	−59.0%	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 →

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