Financials

Daido Steel: FYE Mar 2026 and ten years of results (48 metrics)

FYE Mar 2026 · Revenue¥578bnYoY +0.6%

FYE Mar 2026 · Operating profit¥42bnYoY +6.8%

FYE Mar 2026 · Net profit¥33bnYoY +15.2%

FYE Mar 2026 · Equity ratio50.4%YoY +0.7pp

FYE Mar 2026 · Group employees12,729YoY +675

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥445bn	n/a	¥26bn	n/a	5.7%	¥16bn	Shimao Tadashi	—
FYE Mar 2018Consolidated	¥505bn	+13.5%	¥36bn	+42.0%	7.2%	¥24bn	Ishiguro Takeshi	—
FYE Mar 2019Consolidated	¥543bn	+7.5%	¥34bn	−6.6%	6.2%	¥21bn	Ishiguro Takeshi	—
FYE Mar 2020Consolidated	¥490bn	−9.7%	¥25bn	−26.8%	5.1%	¥11bn	Ishiguro Takeshi	Shimomura Kogyo group and 22-plus companies consolidated
FYE Mar 2021Consolidated	¥413bn	−15.8%	¥10bn	−59.3%	2.4%	¥4.5bn	Ishiguro Takeshi	—
FYE Mar 2022Consolidated	¥530bn	+28.3%	¥37bn	+267.2%	7.0%	¥27bn	Ishiguro Takeshi	—
FYE Mar 2023Consolidated	¥579bn	+9.2%	¥50bn	+35.3%	8.6%	¥36bn	Ishiguro Takeshi	Record operating profit
FYE Mar 2024Consolidated	¥581bn	+0.5%	¥42bn	−15.5%	7.3%	¥50bn	Ishiguro Takeshi	<a class="en-history_person" href="/tse/5471/executives/ceo/shimizu-tetsuya/" hreflang="ja">Shimizu Tetsuya</a> becomes president; record net profit; “DSP3.0” medium-term plan begins
FYE Mar 2025Consolidated	¥575bn	−1.1%	¥39bn	−6.7%	6.9%	¥28bn	Shimizu Tetsuya	P&M acquired; reporting switches to IFRS
FYE Mar 2026Consolidated	¥578bn	+0.6%	¥42bn	+6.8%	7.3%	¥33bn	Shimizu Tetsuya	—

How it compares

Daido Steel¥578bnFY2025Operating margin 7.3%

Sanyo Special Steel Co., Ltd.Delisted 2025

Aichiseikou¥304bnFY2025Operating margin 5.7%

Maruichi Steel Tube Ltd.¥244bnFY2025Operating margin 13.1%

YODOKO,Ltd.¥195bnFY2025Operating margin 6.1%

Nippon Yakin Kogyo¥151bnFY2025Operating margin 7.3%

Kurimototekkousho¥127bnFY2024Operating margin 6.3%

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 ¥578bn

CAGR · 10 yrs +2.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	445	n/a	Cons. · Japanese GAAP
FYE Mar 2018	505	+13.5%	Cons. · Japanese GAAP
FYE Mar 2019	543	+7.5%	Cons. · Japanese GAAP
FYE Mar 2020	490	−9.7%	Cons. · Japanese GAAP
FYE Mar 2021	413	−15.8%	Cons. · Japanese GAAP
FYE Mar 2022	530	+28.3%	Cons. · Japanese GAAP
FYE Mar 2023	579	+9.2%	Cons. · Japanese GAAP
FYE Mar 2024	581	moved to IFRS	Cons. · IFRS
FYE Mar 2025	575	−1.1%	Cons. · IFRS
FYE Mar 2026	578	+0.6%	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 ¥477bn

CAGR · 10 yrs +3.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	367	n/a	Cons. · Japanese GAAP
FYE Mar 2018	413	+12.6%	Cons. · Japanese GAAP
FYE Mar 2019	452	+9.5%	Cons. · Japanese GAAP
FYE Mar 2020	409	−9.4%	Cons. · Japanese GAAP
FYE Mar 2021	352	−14.1%	Cons. · Japanese GAAP
FYE Mar 2022	438	+24.5%	Cons. · Japanese GAAP
FYE Mar 2023	476	+8.8%	Cons. · Japanese GAAP
FYE Mar 2024	481	moved to IFRS	Cons. · IFRS
FYE Mar 2025	471	−2.1%	Cons. · IFRS
FYE Mar 2026	477	+1.3%	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 ¥101bn

CAGR · 10 yrs +2.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	78.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	92.5	+17.9%	Cons. · Japanese GAAP
FYE Mar 2019	91.5	−1.1%	Cons. · Japanese GAAP
FYE Mar 2020	81.0	−11.4%	Cons. · Japanese GAAP
FYE Mar 2021	61.2	−24.5%	Cons. · Japanese GAAP
FYE Mar 2022	92.1	+50.5%	Cons. · Japanese GAAP
FYE Mar 2023	103	+11.8%	Cons. · Japanese GAAP
FYE Mar 2024	97.9	moved to IFRS	Cons. · IFRS
FYE Mar 2025	104	+6.4%	Cons. · IFRS
FYE Mar 2026	101	−2.8%	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 ¥65bn

CAGR · 10 yrs +2.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	52.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	56.3	+6.4%	Cons. · Japanese GAAP
FYE Mar 2019	57.7	+2.5%	Cons. · Japanese GAAP
FYE Mar 2020	56.3	−2.5%	Cons. · Japanese GAAP
FYE Mar 2021	51.1	−9.1%	Cons. · Japanese GAAP
FYE Mar 2022	55.1	+7.8%	Cons. · Japanese GAAP
FYE Mar 2023	53.2	−3.5%	Cons. · Japanese GAAP
FYE Mar 2024	59.1	moved to IFRS	Cons. · IFRS
FYE Mar 2025	61.3	+3.8%	Cons. · IFRS
FYE Mar 2026	64.8	+5.6%	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 ¥42bn

CAGR · 10 yrs +5.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	25.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.2	+42.0%	Cons. · Japanese GAAP
FYE Mar 2019	33.8	−6.6%	Cons. · Japanese GAAP
FYE Mar 2020	24.8	−26.8%	Cons. · Japanese GAAP
FYE Mar 2021	10.1	−59.3%	Cons. · Japanese GAAP
FYE Mar 2022	37.0	+267.2%	Cons. · Japanese GAAP
FYE Mar 2023	50.0	+35.3%	Cons. · Japanese GAAP
FYE Mar 2024	42.3	moved to IFRS	Cons. · IFRS
FYE Mar 2025	39.4	−6.7%	Cons. · IFRS
FYE Mar 2026	42.1	+6.8%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥2.5bn

CAGR · 10 yrs −6.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	−0.1%	Cons. · Japanese GAAP
FYE Mar 2019	5.4	+24.1%	Cons. · Japanese GAAP
FYE Mar 2020	3.7	−30.4%	Cons. · Japanese GAAP
FYE Mar 2021	6.8	+80.4%	Cons. · Japanese GAAP
FYE Mar 2022	4.8	−29.4%	Cons. · Japanese GAAP
FYE Mar 2023	2.7	−43.1%	Cons. · Japanese GAAP
FYE Mar 2024	3.1	moved to IFRS	Cons. · IFRS
FYE Mar 2025	3.1	+1.5%	Cons. · IFRS
FYE Mar 2026	2.5	−21.3%	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 ¥1.1bn

CAGR · 10 yrs −12.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	3.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	+27.2%	Cons. · Japanese GAAP
FYE Mar 2019	4.9	+9.7%	Cons. · Japanese GAAP
FYE Mar 2020	4.2	−13.1%	Cons. · Japanese GAAP
FYE Mar 2021	4.2	−0.8%	Cons. · Japanese GAAP
FYE Mar 2022	2.5	−39.1%	Cons. · Japanese GAAP
FYE Mar 2023	1.0	−61.0%	Cons. · Japanese GAAP
FYE Mar 2024	1.1	moved to IFRS	Cons. · IFRS
FYE Mar 2025	1.1	−4.0%	Cons. · IFRS
FYE Mar 2026	1.1	−3.5%	Cons. · IFRS

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 n/a

CAGR · 7 yrs +10.5%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	26.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.1	+37.0%	Cons. · Japanese GAAP
FYE Mar 2019	34.3	−4.9%	Cons. · Japanese GAAP
FYE Mar 2020	24.3	−29.2%	Cons. · Japanese GAAP
FYE Mar 2021	12.6	−48.0%	Cons. · Japanese GAAP
FYE Mar 2022	39.2	+210.1%	Cons. · Japanese GAAP
FYE Mar 2023	48.1	+22.8%	Cons. · Japanese GAAP
FYE Mar 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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 n/a

CAGR · 7 yrs −4.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.8	−75.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.0	−96.4%	Cons. · Japanese GAAP
FYE Mar 2020	7.7	+27350.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.1	−98.1%	Cons. · Japanese GAAP
FYE Mar 2022	5.5	+3744.1%	Cons. · Japanese GAAP
FYE Mar 2023	2.4	−57.2%	Cons. · Japanese GAAP
FYE Mar 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥33bn

CAGR · 10 yrs +7.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	16.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.9	+46.0%	Cons. · Japanese GAAP
FYE Mar 2019	21.2	−11.4%	Cons. · Japanese GAAP
FYE Mar 2020	11.0	−48.1%	Cons. · Japanese GAAP
FYE Mar 2021	4.5	−58.9%	Cons. · Japanese GAAP
FYE Mar 2022	26.9	+495.5%	Cons. · Japanese GAAP
FYE Mar 2023	36.4	+35.5%	Cons. · Japanese GAAP
FYE Mar 2024	49.8	moved to IFRS	Cons. · IFRS
FYE Mar 2025	28.3	−43.1%	Cons. · IFRS
FYE Mar 2026	32.6	+15.2%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 17.5%

Average · 10 yrs 17.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	17.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.3	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	16.8	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	16.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	14.8	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	17.4	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	17.8	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	16.8	moved to IFRS	Cons. · IFRS
FYE Mar 2025	18.1	+1.3pp	Cons. · IFRS
FYE Mar 2026	17.5	−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 7.3%

Average · 10 yrs 6.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.2	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	6.2	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	5.1	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	2.4	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2022	7.0	+4.5pp	Cons. · Japanese GAAP
FYE Mar 2023	8.6	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2024	7.3	moved to IFRS	Cons. · IFRS
FYE Mar 2025	6.9	−0.4pp	Cons. · IFRS
FYE Mar 2026	7.3	+0.4pp	Cons. · IFRS

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

Ordinary margin

FYE Mar 2026 n/a

Average · 7 yrs 6.2%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.2	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	6.3	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	5.0	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	3.1	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2022	7.4	+4.3pp	Cons. · Japanese GAAP
FYE Mar 2023	8.3	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 5.6%

Average · 10 yrs 4.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.7	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	3.9	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	2.2	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	1.1	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	5.1	+4.0pp	Cons. · Japanese GAAP
FYE Mar 2023	6.3	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2024	8.6	moved to IFRS	Cons. · IFRS
FYE Mar 2025	4.9	−3.6pp	Cons. · IFRS
FYE Mar 2026	5.6	+0.7pp	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 82.5%

Average · 10 yrs 82.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	82.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	81.7	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	83.2	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	83.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	85.2	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	82.6	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	82.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	82.7	moved to IFRS	Cons. · IFRS
FYE Mar 2025	81.9	−0.8pp	Cons. · IFRS
FYE Mar 2026	82.5	+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 11.2%

Average · 10 yrs 10.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	11.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.1	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	10.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	11.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	12.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	10.4	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2023	9.2	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2024	10.2	moved to IFRS	Cons. · IFRS
FYE Mar 2025	10.7	+0.5pp	Cons. · IFRS
FYE Mar 2026	11.2	+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 ¥856bn

CAGR · 10 yrs +4.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	574	n/a	Cons. · Japanese GAAP
FYE Mar 2018	642	+11.8%	Cons. · Japanese GAAP
FYE Mar 2019	651	+1.4%	Cons. · Japanese GAAP
FYE Mar 2020	626	−3.8%	Cons. · Japanese GAAP
FYE Mar 2021	666	+6.3%	Cons. · Japanese GAAP
FYE Mar 2022	728	+9.4%	Cons. · Japanese GAAP
FYE Mar 2023	774	+6.3%	Cons. · Japanese GAAP
FYE Mar 2024	788	moved to IFRS	Cons. · IFRS
FYE Mar 2025	783	−0.6%	Cons. · IFRS
FYE Mar 2026	856	+9.4%	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 ¥432bn

CAGR · 10 yrs +5.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	260	n/a	Cons. · Japanese GAAP
FYE Mar 2018	284	+9.5%	Cons. · Japanese GAAP
FYE Mar 2019	286	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	274	−4.2%	Cons. · Japanese GAAP
FYE Mar 2021	303	+10.8%	Cons. · Japanese GAAP
FYE Mar 2022	330	+8.8%	Cons. · Japanese GAAP
FYE Mar 2023	369	+11.9%	Cons. · Japanese GAAP
FYE Mar 2024	429	moved to IFRS	Cons. · IFRS
FYE Mar 2025	389	−9.2%	Cons. · IFRS
FYE Mar 2026	432	+10.9%	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 ¥174bn

CAGR · 10 yrs +4.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	121	n/a	Cons. · Japanese GAAP
FYE Mar 2018	139	+14.9%	Cons. · Japanese GAAP
FYE Mar 2019	136	−2.3%	Cons. · Japanese GAAP
FYE Mar 2020	140	+3.1%	Cons. · Japanese GAAP
FYE Mar 2021	152	+8.5%	Cons. · Japanese GAAP
FYE Mar 2022	154	+1.4%	Cons. · Japanese GAAP
FYE Mar 2023	234	+51.6%	Cons. · Japanese GAAP
FYE Mar 2024	171	moved to IFRS	Cons. · IFRS
FYE Mar 2025	171	−0.1%	Cons. · IFRS
FYE Mar 2026	174	+1.6%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥72bn

CAGR · 10 yrs +4.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	46.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	80.8	+72.4%	Cons. · Japanese GAAP
FYE Mar 2019	75.0	−7.2%	Cons. · Japanese GAAP
FYE Mar 2020	80.9	+7.9%	Cons. · Japanese GAAP
FYE Mar 2021	70.1	−13.3%	Cons. · Japanese GAAP
FYE Mar 2022	84.6	+20.6%	Cons. · Japanese GAAP
FYE Mar 2023	93.3	+10.3%	Cons. · Japanese GAAP
FYE Mar 2024	49.7	moved to IFRS	Cons. · IFRS
FYE Mar 2025	72.2	+45.3%	Cons. · IFRS
FYE Mar 2026	71.8	−0.6%	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 ¥102bn

CAGR · 10 yrs +3.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	74.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	58.7	−21.3%	Cons. · Japanese GAAP
FYE Mar 2019	61.3	+4.4%	Cons. · Japanese GAAP
FYE Mar 2020	59.5	−2.9%	Cons. · Japanese GAAP
FYE Mar 2021	82.2	+38.2%	Cons. · Japanese GAAP
FYE Mar 2022	69.9	−15.0%	Cons. · Japanese GAAP
FYE Mar 2023	80.0	+14.4%	Cons. · Japanese GAAP
FYE Mar 2024	121	moved to IFRS	Cons. · IFRS
FYE Mar 2025	98.6	−18.7%	Cons. · IFRS
FYE Mar 2026	102	+3.3%	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 ¥8.6bn

CAGR · 10 yrs +16.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.7	−22.6%	Cons. · Japanese GAAP
FYE Mar 2019	1.5	−11.5%	Cons. · Japanese GAAP
FYE Mar 2020	1.6	+7.8%	Cons. · Japanese GAAP
FYE Mar 2021	2.7	+68.1%	Cons. · Japanese GAAP
FYE Mar 2022	3.8	+38.8%	Cons. · Japanese GAAP
FYE Mar 2023	4.2	+12.2%	Cons. · Japanese GAAP
FYE Mar 2024	5.0	moved to IFRS	Cons. · IFRS
FYE Mar 2025	6.6	+32.3%	Cons. · IFRS
FYE Mar 2026	8.6	+31.6%	Cons. · IFRS

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

Equity ratio

FYE Mar 2026 50.4%

Average · 10 yrs 47.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	45.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	44.3	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	43.9	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	43.7	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	45.6	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2022	45.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	47.7	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2024	54.5	moved to IFRS	Cons. · IFRS
FYE Mar 2025	49.7	−4.7pp	Cons. · IFRS
FYE Mar 2026	50.4	+0.7pp	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 40.2%

Average · 10 yrs 47.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	46.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.0	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2019	47.7	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2020	51.3	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2021	50.3	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	46.9	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2023	63.5	+16.6pp	Cons. · Japanese GAAP
FYE Mar 2024	39.9	moved to IFRS	Cons. · IFRS
FYE Mar 2025	43.9	+4.0pp	Cons. · IFRS
FYE Mar 2026	40.2	−3.7pp	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 7.6%

Average · 10 yrs 7.2%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.4	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	7.4	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	4.0	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2021	1.5	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2022	8.2	+6.7pp	Cons. · Japanese GAAP
FYE Mar 2023	9.9	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2024	11.6	moved to IFRS	Cons. · IFRS
FYE Mar 2025	7.3	−4.3pp	Cons. · IFRS
FYE Mar 2026	7.6	+0.3pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 3.8%

Average · 10 yrs 3.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.7	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	3.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	1.8	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	0.7	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	3.7	+3.0pp	Cons. · Japanese GAAP
FYE Mar 2023	4.7	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	6.3	moved to IFRS	Cons. · IFRS
FYE Mar 2025	3.6	−2.7pp	Cons. · IFRS
FYE Mar 2026	3.8	+0.2pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.68×

CAGR · 10 yrs −1.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.78	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.79	+1.5%	Cons. · Japanese GAAP
FYE Mar 2019	0.83	+6.1%	Cons. · Japanese GAAP
FYE Mar 2020	0.78	−6.1%	Cons. · Japanese GAAP
FYE Mar 2021	0.62	−20.9%	Cons. · Japanese GAAP
FYE Mar 2022	0.73	+17.3%	Cons. · Japanese GAAP
FYE Mar 2023	0.75	+2.8%	Cons. · Japanese GAAP
FYE Mar 2024	0.74	moved to IFRS	Cons. · IFRS
FYE Mar 2025	0.73	−0.5%	Cons. · IFRS
FYE Mar 2026	0.68	−8.1%	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 ¥66bn

CAGR · 10 yrs +9.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	28.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.0	+9.3%	Cons. · Japanese GAAP
FYE Mar 2019	28.1	−9.4%	Cons. · Japanese GAAP
FYE Mar 2020	41.0	+46.0%	Cons. · Japanese GAAP
FYE Mar 2021	33.8	−17.7%	Cons. · Japanese GAAP
FYE Mar 2022	-16.7	−149.4%	Cons. · Japanese GAAP
FYE Mar 2023	22.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	58.7	moved to IFRS	Cons. · IFRS
FYE Mar 2025	53.5	−8.8%	Cons. · IFRS
FYE Mar 2026	66.1	+23.5%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥48bn

Average · 10 yrs -¥24bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-26.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-30.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-33.7	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-39.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-29.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-14.6	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-20.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	16.8	moved to IFRS	Cons. · IFRS
FYE Mar 2025	-15.6	−192.9%	Cons. · IFRS
FYE Mar 2026	-48.2	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 -¥18bn

Average · 10 yrs -¥7.4bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-1.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	5.6	+2.0%	Cons. · Japanese GAAP
FYE Mar 2020	10.5	+88.3%	Cons. · Japanese GAAP
FYE Mar 2021	3.0	−71.5%	Cons. · Japanese GAAP
FYE Mar 2022	19.4	+546.9%	Cons. · Japanese GAAP
FYE Mar 2023	-2.7	−113.8%	Cons. · Japanese GAAP
FYE Mar 2024	-71.8	moved to IFRS	Cons. · IFRS
FYE Mar 2025	-22.7	n/a	Cons. · IFRS
FYE Mar 2026	-18.5	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 ¥63bn

CAGR · 10 yrs +7.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	33.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.3	+19.5%	Cons. · Japanese GAAP
FYE Mar 2019	40.7	+1.2%	Cons. · Japanese GAAP
FYE Mar 2020	57.8	+42.0%	Cons. · Japanese GAAP
FYE Mar 2021	65.6	+13.3%	Cons. · Japanese GAAP
FYE Mar 2022	55.6	−15.1%	Cons. · Japanese GAAP
FYE Mar 2023	56.5	+1.5%	Cons. · Japanese GAAP
FYE Mar 2024	62.3	moved to IFRS	Cons. · IFRS
FYE Mar 2025	61.2	−1.7%	Cons. · IFRS
FYE Mar 2026	63.1	+3.0%	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 ¥18bn

CAGR · 10 yrs +28.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.8	−57.3%	Cons. · Japanese GAAP
FYE Mar 2019	-5.6	−775.5%	Cons. · Japanese GAAP
FYE Mar 2020	1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2021	4.4	+156.1%	Cons. · Japanese GAAP
FYE Mar 2022	-31.3	−815.0%	Cons. · Japanese GAAP
FYE Mar 2023	2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	75.4	moved to IFRS	Cons. · IFRS
FYE Mar 2025	37.9	−49.7%	Cons. · IFRS
FYE Mar 2026	17.8	−52.9%	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 11.4%

Average · 10 yrs 6.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.1	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	5.2	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	8.4	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2021	8.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	-3.1	−11.3pp	Cons. · Japanese GAAP
FYE Mar 2023	3.9	+7.1pp	Cons. · Japanese GAAP
FYE Mar 2024	10.1	moved to IFRS	Cons. · IFRS
FYE Mar 2025	9.3	−0.8pp	Cons. · IFRS
FYE Mar 2026	11.4	+2.1pp	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 -¥111bn

Average · 10 yrs -¥106bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-87.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-99.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-95.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-82.6	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-86.8	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-98.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-178	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-109	moved to IFRS	Cons. · IFRS
FYE Mar 2025	-110	n/a	Cons. · IFRS
FYE Mar 2026	-111	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 ¥394bn

Change · 10 yrs +¥162bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	231	n/a
FYE Mar 2018	236	n/a
FYE Mar 2019	190	n/a
FYE Mar 2020	151	n/a
FYE Mar 2021	222	n/a
FYE Mar 2022	159	n/a
FYE Mar 2023	226	n/a
FYE Mar 2024	396	n/a
FYE Mar 2025	257	n/a
FYE Mar 2026	394	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 1,811¥

Change · 10 yrs +1,279¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	533	n/a
FYE Mar 2018	5,442	n/a
FYE Mar 2019	4,373	n/a
FYE Mar 2020	3,480	n/a
FYE Mar 2021	5,107	n/a
FYE Mar 2022	3,660	n/a
FYE Mar 2023	5,195	n/a
FYE Mar 2024	1,821	n/a
FYE Mar 2025	1,184	n/a
FYE Mar 2026	1,811	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 217,243,845shares

Change · 10 yrs −217,243,848 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	434,487,693	Parent
FYE Mar 2018	43,448,769	Parent
FYE Mar 2019	43,448,769	Parent
FYE Mar 2020	43,448,769	Parent
FYE Mar 2021	43,448,769	Parent
FYE Mar 2022	43,448,769	Parent
FYE Mar 2023	43,448,769	Parent
FYE Mar 2024	217,243,845	Parent
FYE Mar 2025	217,243,845	Parent
FYE Mar 2026	217,243,845	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 161.74¥

Change · 10 yrs −224.18¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	385.92	Cons.
FYE Mar 2018	561.08	Cons.
FYE Mar 2019	496.88	Cons.
FYE Mar 2020	51.55	Cons.
FYE Mar 2021	21.19	Cons.
FYE Mar 2022	126.19	Cons.
FYE Mar 2023	170.32	Cons.
FYE Mar 2024	143.37	Cons.
FYE Mar 2025	134.57	Cons.
FYE Mar 2026	161.74	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 1,987.04¥

Change · 10 yrs +1,388.98¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	598.07	Cons. · Japanese GAAP
FYE Mar 2018	6,546.45	Cons. · Japanese GAAP
FYE Mar 2019	6,571.16	Cons. · Japanese GAAP
FYE Mar 2020	6,296.20	Cons. · Japanese GAAP
FYE Mar 2021	6,977.02	Cons. · Japanese GAAP
FYE Mar 2022	7,588.57	Cons. · Japanese GAAP
FYE Mar 2023	8,488.96	Cons. · Japanese GAAP
FYE Mar 2024	1,974.45	Cons. · IFRS
FYE Mar 2025	1,792.52	Cons. · IFRS
FYE Mar 2026	1,987.04	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 11.20×

Average · 10 yrs 13.86×

Fiscal year	PER ×	Basis
FYE Mar 2017	13.80	Cons.
FYE Mar 2018	9.70	Cons.
FYE Mar 2019	8.80	Cons.
FYE Mar 2020	13.50	Cons.
FYE Mar 2021	48.20	Cons.
FYE Mar 2022	5.80	Cons.
FYE Mar 2023	6.10	Cons.
FYE Mar 2024	12.70	Cons.
FYE Mar 2025	8.80	Cons.
FYE Mar 2026	11.20	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 0.77×

Average · 10 yrs 0.70×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.87	Cons.
FYE Mar 2018	0.82	Cons.
FYE Mar 2019	0.65	Cons.
FYE Mar 2020	0.54	Cons.
FYE Mar 2021	0.72	Cons.
FYE Mar 2022	0.48	Cons.
FYE Mar 2023	0.62	Cons.
FYE Mar 2024	0.93	Cons.
FYE Mar 2025	0.57	Cons.
FYE Mar 2026	0.77	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 12,729people

Change · 10 yrs +1,231 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	11,498	n/a	Cons.
FYE Mar 2018	11,873	+3.3%	Cons.
FYE Mar 2019	12,421	+4.6%	Cons.
FYE Mar 2020	13,436	+8.2%	Cons.
FYE Mar 2021	13,109	−2.4%	Cons.
FYE Mar 2022	12,605	−3.8%	Cons.
FYE Mar 2023	12,422	−1.5%	Cons.
FYE Mar 2024	11,941	−3.9%	Cons.
FYE Mar 2025	12,054	+0.9%	Cons.
FYE Mar 2026	12,729	+5.6%	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 3,370people

Change · 10 yrs +112 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,258	n/a	Parent
FYE Mar 2018	3,340	+2.5%	Parent
FYE Mar 2019	3,425	+2.5%	Parent
FYE Mar 2020	3,473	+1.4%	Parent
FYE Mar 2021	3,433	−1.2%	Parent
FYE Mar 2022	3,332	−2.9%	Parent
FYE Mar 2023	3,283	−1.5%	Parent
FYE Mar 2024	3,273	−0.3%	Parent
FYE Mar 2025	3,347	+2.3%	Parent
FYE Mar 2026	3,370	+0.7%	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 870万円

Change · 8 yrs +127万円

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	744	n/a	Parent
FYE Mar 2020	745	+0.1%	Parent
FYE Mar 2021	705	−5.3%	Parent
FYE Mar 2022	682	−3.3%	Parent
FYE Mar 2023	761	+11.6%	Parent
FYE Mar 2024	793	+4.2%	Parent
FYE Mar 2025	811	+2.3%	Parent
FYE Mar 2026	870	+7.3%	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 40.2years

Change · 8 yrs +1.1 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	39.1	n/a	Parent
FYE Mar 2020	38.9	−0.5%	Parent
FYE Mar 2021	38.8	−0.3%	Parent
FYE Mar 2022	39.1	+0.8%	Parent
FYE Mar 2023	39.7	+1.5%	Parent
FYE Mar 2024	40.0	+0.8%	Parent
FYE Mar 2025	40.1	+0.3%	Parent
FYE Mar 2026	40.2	+0.2%	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 17.9years

Change · 8 yrs +1.2 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	16.7	n/a	Parent
FYE Mar 2020	16.5	−1.2%	Parent
FYE Mar 2021	16.4	−0.6%	Parent
FYE Mar 2022	16.6	+1.2%	Parent
FYE Mar 2023	17.3	+4.2%	Parent
FYE Mar 2024	17.6	+1.7%	Parent
FYE Mar 2025	17.8	+1.1%	Parent
FYE Mar 2026	17.9	+0.6%	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 ¥45.4m

Change · 10 yrs +¥6.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	38.7	n/a	Cons.
FYE Mar 2018	42.6	+9.9%	Cons.
FYE Mar 2019	43.7	+2.8%	Cons.
FYE Mar 2020	36.5	−16.5%	Cons.
FYE Mar 2021	31.5	−13.7%	Cons.
FYE Mar 2022	42.0	+33.5%	Cons.
FYE Mar 2023	46.6	+10.8%	Cons.
FYE Mar 2024	48.7	n/a	Cons.
FYE Mar 2025	47.7	−2.0%	Cons.
FYE Mar 2026	45.4	−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 ¥3.3m

Change · 10 yrs +¥1.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons.
FYE Mar 2018	3.1	+37.5%	Cons.
FYE Mar 2019	2.7	−10.8%	Cons.
FYE Mar 2020	1.8	−32.3%	Cons.
FYE Mar 2021	0.8	−58.3%	Cons.
FYE Mar 2022	2.9	+281.9%	Cons.
FYE Mar 2023	4.0	+37.3%	Cons.
FYE Mar 2024	3.5	n/a	Cons.
FYE Mar 2025	3.3	−7.6%	Cons.
FYE Mar 2026	3.3	+1.1%	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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