Financials

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

FYE Mar 2026 · Revenue¥1.51tnYoY +0.4%

FYE Mar 2026 · Operating profit¥28bnYoY −4.3%

FYE Mar 2026 · Net profit¥8.1bnYoY +306.9%

FYE Mar 2026 · Equity ratio35.1%YoY +1.5pp

FYE Mar 2026 · Group employees48,073YoY −587

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.63tn	n/a	n/a	n/a	n/a	¥43bn	Fujimori Yoshiaki	<a class="en-history_person" href="/tse/5938/executives/ceo/seto-kinya/" hreflang="ja">Seto Kinya</a> becomes president and CEO
FYE Mar 2018Consolidated	¥1.83tn	+12.0%	¥59bn	n/a	3.2%	¥55bn	Seto Kinya	—
FYE Mar 2019Consolidated	¥1.69tn	−7.5%	¥49bn	−17.1%	2.9%	-¥52bn	Seto Kinya	Seto removed; <a class="en-history_person" href="/tse/5938/executives/ceo/ushioda-yoichiro/" hreflang="ja">Ushioda Yoichiro</a> returns as chairman and CEO
FYE Mar 2020Consolidated	¥1.51tn	−10.5%	¥32bn	−34.7%	2.1%	¥13bn	Yamanashi Koichi	Shareholders elect Seto’s slate of eight directors; founding family exits
FYE Mar 2021Consolidated	¥1.38tn	−9.0%	¥36bn	+12.0%	2.6%	¥33bn	Yamanashi Koichi	Holding company merges into the operating company; Permasteelisa and Viva sold
FYE Mar 2022Consolidated	¥1.43tn	+3.7%	¥69bn	+93.8%	4.9%	¥49bn	Seto Kinya	—
FYE Mar 2023Consolidated	¥1.50tn	+4.7%	¥25bn	−64.2%	1.7%	¥16bn	Seto Kinya	Operating profit recovers to ¥69.5bn
FYE Mar 2024Consolidated	¥1.48tn	−0.9%	¥16bn	−34.3%	1.1%	-¥14bn	Seto Kinya	—
FYE Mar 2025Consolidated	¥1.50tn	+1.4%	¥30bn	+81.6%	2.0%	¥2.0bn	Seto Kinya	—
FYE Mar 2026Consolidated	¥1.51tn	+0.4%	¥28bn	−4.3%	1.9%	¥8.1bn	Seto Kinya	European sanitary-ware production consolidated; focus on water and tile

How it compares

LIXIL¥1.51tnFY2025Operating margin 1.9%

YKK Corporation¥993bnFY2025Operating margin 4.7%

Sanwa Holdings¥661bnFY2025Operating margin 12.0%

Takarasutandado¥243bnFY2024Operating margin 6.4%

Bunkashatta¥228bnFY2024Operating margin 6.4%

Nichiha¥148bnFY2024Operating margin 4.7%

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 Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.51tn

CAGR · 10 yrs −0.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,633	n/a	Cons. · IFRS
FYE Mar 2018	1,829	+12.0%	Cons. · IFRS
FYE Mar 2019	1,692	−7.5%	Cons. · IFRS
FYE Mar 2020	1,514	−10.5%	Cons. · IFRS
FYE Mar 2021	1,378	−9.0%	Cons. · IFRS
FYE Mar 2022	1,429	+3.7%	Cons. · IFRS
FYE Mar 2023	1,496	+4.7%	Cons. · IFRS
FYE Mar 2024	1,483	−0.9%	Cons. · IFRS
FYE Mar 2025	1,505	+1.4%	Cons. · IFRS
FYE Mar 2026	1,511	+0.4%	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 ¥996bn

CAGR · 9 yrs −2.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1,252	n/a	Cons. · IFRS
FYE Mar 2019	1,139	−9.1%	Cons. · IFRS
FYE Mar 2020	1,012	−11.2%	Cons. · IFRS
FYE Mar 2021	909	−10.2%	Cons. · IFRS
FYE Mar 2022	942	+3.6%	Cons. · IFRS
FYE Mar 2023	1,027	+9.1%	Cons. · IFRS
FYE Mar 2024	1,011	−1.6%	Cons. · IFRS
FYE Mar 2025	1,007	−0.4%	Cons. · IFRS
FYE Mar 2026	996	−1.1%	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 ¥515bn

CAGR · 9 yrs −1.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	577	n/a	Cons. · IFRS
FYE Mar 2019	554	−4.0%	Cons. · IFRS
FYE Mar 2020	503	−9.2%	Cons. · IFRS
FYE Mar 2021	469	−6.6%	Cons. · IFRS
FYE Mar 2022	487	+3.8%	Cons. · IFRS
FYE Mar 2023	469	−3.7%	Cons. · IFRS
FYE Mar 2024	473	+0.9%	Cons. · IFRS
FYE Mar 2025	498	+5.4%	Cons. · IFRS
FYE Mar 2026	515	+3.4%	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 ¥477bn

CAGR · 9 yrs −0.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	501	n/a	Cons. · IFRS
FYE Mar 2019	499	−0.4%	Cons. · IFRS
FYE Mar 2020	450	−9.8%	Cons. · IFRS
FYE Mar 2021	412	−8.5%	Cons. · IFRS
FYE Mar 2022	422	+2.4%	Cons. · IFRS
FYE Mar 2023	443	+4.9%	Cons. · IFRS
FYE Mar 2024	450	+1.5%	Cons. · IFRS
FYE Mar 2025	467	+3.8%	Cons. · IFRS
FYE Mar 2026	477	+2.1%	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 ¥28bn

CAGR · 9 yrs −8.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	59.1	n/a	Cons. · IFRS
FYE Mar 2019	49.0	−17.1%	Cons. · IFRS
FYE Mar 2020	32.0	−34.7%	Cons. · IFRS
FYE Mar 2021	35.8	+12.0%	Cons. · IFRS
FYE Mar 2022	69.5	+93.8%	Cons. · IFRS
FYE Mar 2023	24.9	−64.2%	Cons. · IFRS
FYE Mar 2024	16.4	−34.3%	Cons. · IFRS
FYE Mar 2025	29.7	+81.6%	Cons. · IFRS
FYE Mar 2026	28.4	−4.3%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥4.4bn

CAGR · 9 yrs −12.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	12.8	n/a	Cons. · IFRS
FYE Mar 2019	7.4	−41.9%	Cons. · IFRS
FYE Mar 2020	4.8	−35.1%	Cons. · IFRS
FYE Mar 2021	5.7	+18.5%	Cons. · IFRS
FYE Mar 2022	4.1	−28.3%	Cons. · IFRS
FYE Mar 2023	3.1	−23.2%	Cons. · IFRS
FYE Mar 2024	3.7	+16.5%	Cons. · IFRS
FYE Mar 2025	4.0	+9.2%	Cons. · IFRS
FYE Mar 2026	4.4	+9.7%	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 ¥17bn

CAGR · 9 yrs −1.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	19.1	n/a	Cons. · IFRS
FYE Mar 2019	9.1	−52.4%	Cons. · IFRS
FYE Mar 2020	7.2	−20.4%	Cons. · IFRS
FYE Mar 2021	8.2	+13.7%	Cons. · IFRS
FYE Mar 2022	6.2	−25.3%	Cons. · IFRS
FYE Mar 2023	8.3	+34.5%	Cons. · IFRS
FYE Mar 2024	13.2	+59.4%	Cons. · IFRS
FYE Mar 2025	13.9	+5.0%	Cons. · IFRS
FYE Mar 2026	16.9	+21.7%	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 ¥8.1bn

CAGR · 10 yrs −16.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	42.5	n/a	Cons. · IFRS
FYE Mar 2018	54.6	+28.4%	Cons. · IFRS
FYE Mar 2019	-52.2	−195.6%	Cons. · IFRS
FYE Mar 2020	12.5	n/a	Cons. · IFRS
FYE Mar 2021	33.0	+164.0%	Cons. · IFRS
FYE Mar 2022	48.6	+47.1%	Cons. · IFRS
FYE Mar 2023	16.0	−67.1%	Cons. · IFRS
FYE Mar 2024	-13.9	−187.0%	Cons. · IFRS
FYE Mar 2025	2.0	n/a	Cons. · IFRS
FYE Mar 2026	8.1	+306.9%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 34.1%

Average · 9 yrs 32.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	31.5	n/a	Cons. · IFRS
FYE Mar 2019	32.7	+1.2pp	Cons. · IFRS
FYE Mar 2020	33.2	+0.5pp	Cons. · IFRS
FYE Mar 2021	34.0	+0.9pp	Cons. · IFRS
FYE Mar 2022	34.1	−0.0pp	Cons. · IFRS
FYE Mar 2023	31.3	−2.8pp	Cons. · IFRS
FYE Mar 2024	31.9	+0.5pp	Cons. · IFRS
FYE Mar 2025	33.1	+1.2pp	Cons. · IFRS
FYE Mar 2026	34.1	+1.0pp	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 1.9%

Average · 9 yrs 2.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	3.2	n/a	Cons. · IFRS
FYE Mar 2019	2.9	−0.3pp	Cons. · IFRS
FYE Mar 2020	2.1	−0.8pp	Cons. · IFRS
FYE Mar 2021	2.6	+0.5pp	Cons. · IFRS
FYE Mar 2022	4.9	+2.3pp	Cons. · IFRS
FYE Mar 2023	1.7	−3.2pp	Cons. · IFRS
FYE Mar 2024	1.1	−0.6pp	Cons. · IFRS
FYE Mar 2025	2.0	+0.9pp	Cons. · IFRS
FYE Mar 2026	1.9	−0.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 0.5%

Average · 10 yrs 1.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · IFRS
FYE Mar 2018	3.0	+0.4pp	Cons. · IFRS
FYE Mar 2019	-3.1	−6.1pp	Cons. · IFRS
FYE Mar 2020	0.8	+3.9pp	Cons. · IFRS
FYE Mar 2021	2.4	+1.6pp	Cons. · IFRS
FYE Mar 2022	3.4	+1.0pp	Cons. · IFRS
FYE Mar 2023	1.1	−2.3pp	Cons. · IFRS
FYE Mar 2024	-0.9	−2.0pp	Cons. · IFRS
FYE Mar 2025	0.1	+1.1pp	Cons. · IFRS
FYE Mar 2026	0.5	+0.4pp	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 65.9%

Average · 9 yrs 67.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	68.5	n/a	Cons. · IFRS
FYE Mar 2019	67.3	−1.2pp	Cons. · IFRS
FYE Mar 2020	66.8	−0.5pp	Cons. · IFRS
FYE Mar 2021	66.0	−0.9pp	Cons. · IFRS
FYE Mar 2022	65.9	−0.0pp	Cons. · IFRS
FYE Mar 2023	68.7	+2.8pp	Cons. · IFRS
FYE Mar 2024	68.1	−0.5pp	Cons. · IFRS
FYE Mar 2025	66.9	−1.2pp	Cons. · IFRS
FYE Mar 2026	65.9	−1.0pp	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 31.6%

Average · 9 yrs 29.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	27.4	n/a	Cons. · IFRS
FYE Mar 2019	29.5	+2.1pp	Cons. · IFRS
FYE Mar 2020	29.7	+0.2pp	Cons. · IFRS
FYE Mar 2021	29.9	+0.2pp	Cons. · IFRS
FYE Mar 2022	29.5	−0.3pp	Cons. · IFRS
FYE Mar 2023	29.6	+0.1pp	Cons. · IFRS
FYE Mar 2024	30.3	+0.7pp	Cons. · IFRS
FYE Mar 2025	31.0	+0.7pp	Cons. · IFRS
FYE Mar 2026	31.6	+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 ¥1.88tn

CAGR · 10 yrs −0.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	2,042	n/a	Cons. · IFRS
FYE Mar 2018	2,107	+3.2%	Cons. · IFRS
FYE Mar 2019	2,060	−2.3%	Cons. · IFRS
FYE Mar 2020	2,092	+1.6%	Cons. · IFRS
FYE Mar 2021	1,742	−16.7%	Cons. · IFRS
FYE Mar 2022	1,783	+2.4%	Cons. · IFRS
FYE Mar 2023	1,854	+4.0%	Cons. · IFRS
FYE Mar 2024	1,887	+1.8%	Cons. · IFRS
FYE Mar 2025	1,831	−3.0%	Cons. · IFRS
FYE Mar 2026	1,884	+2.9%	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 ¥661bn

CAGR · 10 yrs +2.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	547	n/a	Cons. · IFRS
FYE Mar 2018	584	+6.8%	Cons. · IFRS
FYE Mar 2019	500	−14.4%	Cons. · IFRS
FYE Mar 2020	469	−6.2%	Cons. · IFRS
FYE Mar 2021	550	+17.2%	Cons. · IFRS
FYE Mar 2022	610	+10.9%	Cons. · IFRS
FYE Mar 2023	623	+2.2%	Cons. · IFRS
FYE Mar 2024	641	+2.8%	Cons. · IFRS
FYE Mar 2025	616	−3.9%	Cons. · IFRS
FYE Mar 2026	661	+7.4%	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 ¥580bn

CAGR · 9 yrs −2.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	688	n/a	Cons. · IFRS
FYE Mar 2019	726	+5.5%	Cons. · IFRS
FYE Mar 2020	596	−17.9%	Cons. · IFRS
FYE Mar 2021	531	−10.9%	Cons. · IFRS
FYE Mar 2022	470	−11.6%	Cons. · IFRS
FYE Mar 2023	555	+18.1%	Cons. · IFRS
FYE Mar 2024	615	+11.0%	Cons. · IFRS
FYE Mar 2025	593	−3.7%	Cons. · IFRS
FYE Mar 2026	580	−2.1%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥163bn

CAGR · 9 yrs −4.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	243	n/a	Cons. · IFRS
FYE Mar 2019	368	+51.4%	Cons. · IFRS
FYE Mar 2020	233	−36.8%	Cons. · IFRS
FYE Mar 2021	164	−29.4%	Cons. · IFRS
FYE Mar 2022	132	−19.6%	Cons. · IFRS
FYE Mar 2023	209	+58.3%	Cons. · IFRS
FYE Mar 2024	209	−0.1%	Cons. · IFRS
FYE Mar 2025	190	−8.9%	Cons. · IFRS
FYE Mar 2026	163	−14.3%	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 ¥417bn

CAGR · 9 yrs −0.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	445	n/a	Cons. · IFRS
FYE Mar 2019	358	−19.5%	Cons. · IFRS
FYE Mar 2020	363	+1.5%	Cons. · IFRS
FYE Mar 2021	367	+1.0%	Cons. · IFRS
FYE Mar 2022	338	−8.0%	Cons. · IFRS
FYE Mar 2023	345	+2.4%	Cons. · IFRS
FYE Mar 2024	407	+17.7%	Cons. · IFRS
FYE Mar 2025	402	−1.1%	Cons. · IFRS
FYE Mar 2026	417	+3.6%	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 ¥337bn

CAGR · 7 yrs +4.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	261	n/a	Cons. · IFRS
FYE Mar 2021	271	+4.0%	Cons. · IFRS
FYE Mar 2022	277	+2.3%	Cons. · IFRS
FYE Mar 2023	298	+7.4%	Cons. · IFRS
FYE Mar 2024	327	+9.9%	Cons. · IFRS
FYE Mar 2025	314	−3.9%	Cons. · IFRS
FYE Mar 2026	337	+7.1%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥256bn

CAGR · 9 yrs +4.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	185	n/a	Cons. · IFRS
FYE Mar 2019	181	−2.4%	Cons. · IFRS
FYE Mar 2020	173	−4.1%	Cons. · IFRS
FYE Mar 2021	182	+5.2%	Cons. · IFRS
FYE Mar 2022	194	+6.4%	Cons. · IFRS
FYE Mar 2023	210	+8.2%	Cons. · IFRS
FYE Mar 2024	234	+11.6%	Cons. · IFRS
FYE Mar 2025	231	−1.4%	Cons. · IFRS
FYE Mar 2026	256	+10.9%	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 35.1%

Average · 10 yrs 30.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	26.8	n/a	Cons. · IFRS
FYE Mar 2018	27.7	+0.9pp	Cons. · IFRS
FYE Mar 2019	24.3	−3.4pp	Cons. · IFRS
FYE Mar 2020	22.4	−1.9pp	Cons. · IFRS
FYE Mar 2021	31.6	+9.1pp	Cons. · IFRS
FYE Mar 2022	34.2	+2.6pp	Cons. · IFRS
FYE Mar 2023	33.6	−0.6pp	Cons. · IFRS
FYE Mar 2024	34.0	+0.3pp	Cons. · IFRS
FYE Mar 2025	33.6	−0.3pp	Cons. · IFRS
FYE Mar 2026	35.1	+1.5pp	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 87.7%

Average · 9 yrs 103.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	117.7	n/a	Cons. · IFRS
FYE Mar 2019	145.1	+27.4pp	Cons. · IFRS
FYE Mar 2020	127.0	−18.1pp	Cons. · IFRS
FYE Mar 2021	96.6	−30.4pp	Cons. · IFRS
FYE Mar 2022	77.0	−19.6pp	Cons. · IFRS
FYE Mar 2023	89.0	+12.0pp	Cons. · IFRS
FYE Mar 2024	96.1	+7.1pp	Cons. · IFRS
FYE Mar 2025	96.2	+0.2pp	Cons. · IFRS
FYE Mar 2026	87.7	−8.6pp	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 1.2%

Average · 10 yrs 2.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.8	n/a	Cons. · IFRS
FYE Mar 2018	9.3	+1.6pp	Cons. · IFRS
FYE Mar 2019	-10.4	−19.8pp	Cons. · IFRS
FYE Mar 2020	2.7	+13.1pp	Cons. · IFRS
FYE Mar 2021	6.0	+3.3pp	Cons. · IFRS
FYE Mar 2022	8.0	+2.0pp	Cons. · IFRS
FYE Mar 2023	2.6	−5.4pp	Cons. · IFRS
FYE Mar 2024	-2.2	−4.7pp	Cons. · IFRS
FYE Mar 2025	0.3	+2.5pp	Cons. · IFRS
FYE Mar 2026	1.2	+0.9pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 0.4%

Average · 10 yrs 0.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · IFRS
FYE Mar 2018	2.6	+0.5pp	Cons. · IFRS
FYE Mar 2019	-2.5	−5.1pp	Cons. · IFRS
FYE Mar 2020	0.6	+3.1pp	Cons. · IFRS
FYE Mar 2021	1.9	+1.3pp	Cons. · IFRS
FYE Mar 2022	2.7	+0.8pp	Cons. · IFRS
FYE Mar 2023	0.9	−1.9pp	Cons. · IFRS
FYE Mar 2024	-0.7	−1.6pp	Cons. · IFRS
FYE Mar 2025	0.1	+0.8pp	Cons. · IFRS
FYE Mar 2026	0.4	+0.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.80×

CAGR · 10 yrs +0.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.80	n/a	Cons. · IFRS
FYE Mar 2018	0.87	+8.6%	Cons. · IFRS
FYE Mar 2019	0.82	−5.3%	Cons. · IFRS
FYE Mar 2020	0.72	−11.9%	Cons. · IFRS
FYE Mar 2021	0.79	+9.3%	Cons. · IFRS
FYE Mar 2022	0.80	+1.3%	Cons. · IFRS
FYE Mar 2023	0.81	+0.7%	Cons. · IFRS
FYE Mar 2024	0.79	−2.6%	Cons. · IFRS
FYE Mar 2025	0.82	+4.5%	Cons. · IFRS
FYE Mar 2026	0.80	−2.4%	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 ¥83bn

CAGR · 10 yrs −5.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	133	n/a	Cons. · IFRS
FYE Mar 2018	116	−12.2%	Cons. · IFRS
FYE Mar 2019	69.4	−40.4%	Cons. · IFRS
FYE Mar 2020	158	+127.4%	Cons. · IFRS
FYE Mar 2021	151	−4.2%	Cons. · IFRS
FYE Mar 2022	118	−21.7%	Cons. · IFRS
FYE Mar 2023	15.0	−87.3%	Cons. · IFRS
FYE Mar 2024	48.0	+219.8%	Cons. · IFRS
FYE Mar 2025	100	+108.4%	Cons. · IFRS
FYE Mar 2026	82.7	−17.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥24bn

Average · 10 yrs -¥41bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-58.1	n/a	Cons. · IFRS
FYE Mar 2018	-52.6	n/a	Cons. · IFRS
FYE Mar 2019	-72.3	n/a	Cons. · IFRS
FYE Mar 2020	-41.3	n/a	Cons. · IFRS
FYE Mar 2021	-54.2	n/a	Cons. · IFRS
FYE Mar 2022	-24.8	n/a	Cons. · IFRS
FYE Mar 2023	-29.3	n/a	Cons. · IFRS
FYE Mar 2024	-29.9	n/a	Cons. · IFRS
FYE Mar 2025	-28.1	n/a	Cons. · IFRS
FYE Mar 2026	-23.6	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 -¥72bn

Average · 10 yrs -¥61bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-79.9	n/a	Cons. · IFRS
FYE Mar 2018	-43.8	n/a	Cons. · IFRS
FYE Mar 2019	1.6	n/a	Cons. · IFRS
FYE Mar 2020	-153	−9807.7%	Cons. · IFRS
FYE Mar 2021	-93.4	n/a	Cons. · IFRS
FYE Mar 2022	-108	n/a	Cons. · IFRS
FYE Mar 2023	19.8	n/a	Cons. · IFRS
FYE Mar 2024	-3.7	−118.5%	Cons. · IFRS
FYE Mar 2025	-72.5	n/a	Cons. · IFRS
FYE Mar 2026	-72.5	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 ¥116bn

CAGR · 10 yrs −0.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	122	n/a	Cons. · IFRS
FYE Mar 2018	139	+14.1%	Cons. · IFRS
FYE Mar 2019	141	+1.9%	Cons. · IFRS
FYE Mar 2020	95.9	−32.2%	Cons. · IFRS
FYE Mar 2021	111	+15.9%	Cons. · IFRS
FYE Mar 2022	100	−9.6%	Cons. · IFRS
FYE Mar 2023	107	+6.2%	Cons. · IFRS
FYE Mar 2024	124	+16.7%	Cons. · IFRS
FYE Mar 2025	124	−0.8%	Cons. · IFRS
FYE Mar 2026	116	−6.4%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥59bn

CAGR · 10 yrs −2.5%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	74.5	n/a	Cons. · IFRS
FYE Mar 2018	63.8	−14.4%	Cons. · IFRS
FYE Mar 2019	-3.0	−104.7%	Cons. · IFRS
FYE Mar 2020	116	n/a	Cons. · IFRS
FYE Mar 2021	96.9	−16.8%	Cons. · IFRS
FYE Mar 2022	93.5	−3.5%	Cons. · IFRS
FYE Mar 2023	-14.3	−115.3%	Cons. · IFRS
FYE Mar 2024	18.1	n/a	Cons. · IFRS
FYE Mar 2025	71.9	+296.8%	Cons. · IFRS
FYE Mar 2026	59.1	−17.8%	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 5.5%

Average · 10 yrs 6.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	8.1	n/a	Cons. · IFRS
FYE Mar 2018	6.4	−1.8pp	Cons. · IFRS
FYE Mar 2019	4.1	−2.3pp	Cons. · IFRS
FYE Mar 2020	10.4	+6.3pp	Cons. · IFRS
FYE Mar 2021	11.0	+0.5pp	Cons. · IFRS
FYE Mar 2022	8.3	−2.7pp	Cons. · IFRS
FYE Mar 2023	1.0	−7.3pp	Cons. · IFRS
FYE Mar 2024	3.2	+2.2pp	Cons. · IFRS
FYE Mar 2025	6.6	+3.4pp	Cons. · IFRS
FYE Mar 2026	5.5	−1.2pp	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 -¥464bn

Average · 9 yrs -¥477bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-549	n/a	Cons. · IFRS
FYE Mar 2019	-585	n/a	Cons. · IFRS
FYE Mar 2020	-500	n/a	Cons. · IFRS
FYE Mar 2021	-420	n/a	Cons. · IFRS
FYE Mar 2022	-369	n/a	Cons. · IFRS
FYE Mar 2023	-448	n/a	Cons. · IFRS
FYE Mar 2024	-491	n/a	Cons. · IFRS
FYE Mar 2025	-469	n/a	Cons. · IFRS
FYE Mar 2026	-464	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 ¥466bn

Change · 8 yrs −¥419bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	885	n/a
FYE Mar 2018	746	n/a
FYE Mar 2019	n/a	n/a
FYE Mar 2020	422	n/a
FYE Mar 2021	964	n/a
FYE Mar 2022	718	n/a
FYE Mar 2023	625	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	496	n/a
FYE Mar 2026	466	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 1,620¥

Change · 8 yrs −1,207¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,827	n/a
FYE Mar 2018	2,383	n/a
FYE Mar 2019	n/a	n/a
FYE Mar 2020	1,346	n/a
FYE Mar 2021	3,076	n/a
FYE Mar 2022	2,291	n/a
FYE Mar 2023	2,177	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	1,727	n/a
FYE Mar 2026	1,620	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 287,514,000shares

Change · 10 yrs −25,540,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	313,054,000	Parent
FYE Mar 2018	313,054,000	Parent
FYE Mar 2019	313,319,000	Parent
FYE Mar 2020	313,319,000	Parent
FYE Mar 2021	313,319,000	Parent
FYE Mar 2022	313,319,000	Parent
FYE Mar 2023	287,109,000	Parent
FYE Mar 2024	287,211,000	Parent
FYE Mar 2025	287,340,000	Parent
FYE Mar 2026	287,514,000	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 28.33¥

Change · 10 yrs −119.68¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	148.01	Cons.
FYE Mar 2018	189.13	Cons.
FYE Mar 2019	-179.98	Cons.
FYE Mar 2020	43.15	Cons.
FYE Mar 2021	113.92	Cons.
FYE Mar 2022	167.21	Cons.
FYE Mar 2023	55.54	Cons.
FYE Mar 2024	-48.43	Cons.
FYE Mar 2025	6.97	Cons.
FYE Mar 2026	28.33	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 2,300.11¥

Change · 10 yrs +552.03¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,748.08	Cons. · IFRS
FYE Mar 2018	1,866.20	Cons. · IFRS
FYE Mar 2019	1,596.28	Cons. · IFRS
FYE Mar 2020	1,497.49	Cons. · IFRS
FYE Mar 2021	1,754.68	Cons. · IFRS
FYE Mar 2022	1,946.27	Cons. · IFRS
FYE Mar 2023	2,170.42	Cons. · IFRS
FYE Mar 2024	2,230.71	Cons. · IFRS
FYE Mar 2025	2,142.76	Cons. · IFRS
FYE Mar 2026	2,300.11	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 57.20×

Average · 8 yrs 55.98×

Fiscal year	PER ×	Basis
FYE Mar 2017	19.10	Cons.
FYE Mar 2018	12.60	Cons.
FYE Mar 2019	n/a	Cons.
FYE Mar 2020	31.20	Cons.
FYE Mar 2021	27.00	Cons.
FYE Mar 2022	13.70	Cons.
FYE Mar 2023	39.20	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	247.80	Cons.
FYE Mar 2026	57.20	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 0.70×

Average · 8 yrs 1.08×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.49	Cons.
FYE Mar 2018	1.12	Cons.
FYE Mar 2019	n/a	Cons.
FYE Mar 2020	0.78	Cons.
FYE Mar 2021	1.62	Cons.
FYE Mar 2022	1.09	Cons.
FYE Mar 2023	1.00	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	0.80	Cons.
FYE Mar 2026	0.70	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 48,073people

Change · 10 yrs −11,175 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	59,248	n/a	Cons.
FYE Mar 2018	61,140	+3.2%	Cons.
FYE Mar 2019	62,940	+2.9%	Cons.
FYE Mar 2020	61,634	−2.1%	Cons.
FYE Mar 2021	51,879	−15.8%	Cons.
FYE Mar 2022	51,640	−0.5%	Cons.
FYE Mar 2023	51,501	−0.3%	Cons.
FYE Mar 2024	49,310	−4.3%	Cons.
FYE Mar 2025	48,660	−1.3%	Cons.
FYE Mar 2026	48,073	−1.2%	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 15,128people

Change · 10 yrs +15,074 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	54	n/a	Parent
FYE Mar 2018	50	−7.4%	Parent
FYE Mar 2019	56	+12.0%	Parent
FYE Mar 2020	35	−37.5%	Parent
FYE Mar 2021	14,408	+41065.7%	Parent
FYE Mar 2022	14,352	−0.4%	Parent
FYE Mar 2023	14,848	+3.5%	Parent
FYE Mar 2024	14,889	+0.3%	Parent
FYE Mar 2025	14,930	+0.3%	Parent
FYE Mar 2026	15,128	+1.3%	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 730万円

Change · 8 yrs −469万円

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	1,199	n/a	Parent
FYE Mar 2020	1,196	−0.2%	Parent
FYE Mar 2021	823	−31.2%	Parent
FYE Mar 2022	698	−15.2%	Parent
FYE Mar 2023	694	−0.5%	Parent
FYE Mar 2024	686	−1.2%	Parent
FYE Mar 2025	709	+3.3%	Parent
FYE Mar 2026	730	+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 46.2years

Change · 8 yrs +2.9 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	43.3	n/a	Parent
FYE Mar 2020	40.9	−5.5%	Parent
FYE Mar 2021	44.5	+8.8%	Parent
FYE Mar 2022	44.9	+0.9%	Parent
FYE Mar 2023	45.4	+1.1%	Parent
FYE Mar 2024	45.7	+0.7%	Parent
FYE Mar 2025	46.0	+0.7%	Parent
FYE Mar 2026	46.2	+0.4%	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 20.3years

Change · 8 yrs +8.5 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	11.8	n/a	Parent
FYE Mar 2020	8.5	−28.0%	Parent
FYE Mar 2021	21.3	+150.6%	Parent
FYE Mar 2022	21.2	−0.5%	Parent
FYE Mar 2023	20.6	−2.8%	Parent
FYE Mar 2024	20.2	−1.9%	Parent
FYE Mar 2025	20.3	+0.5%	Parent
FYE Mar 2026	20.3	−0.0%	Parent

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

Temporary employees

FYE Mar 2026 6,263people

Change · 10 yrs −7,092 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	13,355	n/a	n/a
FYE Mar 2018	13,755	+3.0%	n/a
FYE Mar 2019	13,242	−3.7%	n/a
FYE Mar 2020	11,792	−11.0%	n/a
FYE Mar 2021	7,290	−38.2%	n/a
FYE Mar 2022	7,451	+2.2%	n/a
FYE Mar 2023	6,836	−8.3%	n/a
FYE Mar 2024	5,998	−12.3%	n/a
FYE Mar 2025	6,213	+3.6%	n/a
FYE Mar 2026	6,263	+0.8%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥31.4m

Change · 10 yrs +¥3.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	27.6	n/a	Cons.
FYE Mar 2018	29.9	+8.5%	Cons.
FYE Mar 2019	26.9	−10.1%	Cons.
FYE Mar 2020	24.6	−8.6%	Cons.
FYE Mar 2021	26.6	+8.1%	Cons.
FYE Mar 2022	27.7	+4.1%	Cons.
FYE Mar 2023	29.0	+5.0%	Cons.
FYE Mar 2024	30.1	+3.6%	Cons.
FYE Mar 2025	30.9	+2.8%	Cons.
FYE Mar 2026	31.4	+1.6%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥0.6m

Change · 9 yrs −¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	1.0	n/a	Cons.
FYE Mar 2019	0.8	−19.5%	Cons.
FYE Mar 2020	0.5	−33.3%	Cons.
FYE Mar 2021	0.7	+33.0%	Cons.
FYE Mar 2022	1.3	+94.7%	Cons.
FYE Mar 2023	0.5	−64.1%	Cons.
FYE Mar 2024	0.3	−31.4%	Cons.
FYE Mar 2025	0.6	+84.0%	Cons.
FYE Mar 2026	0.6	−3.2%	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.

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