Financials

Rinnai: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥470bnYoY +2.2%

FYE Mar 2026 · Operating profit¥51bnYoY +9.8%

FYE Mar 2026 · Net profit¥36bnYoY +21.8%

FYE Mar 2026 · Equity ratio67.3%YoY +0.4pp

FYE Mar 2026 · Group employees11,328YoY +420

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥330bn	n/a	¥34bn	n/a	10.3%	¥22bn	Naito Hiroyasu	Gastar consolidated, seventeen years after the first stake
FYE Mar 2018Consolidated	¥347bn	+5.1%	¥33bn	−3.5%	9.5%	¥21bn	Naito Hiroyasu	—
FYE Mar 2019Consolidated	¥348bn	+0.3%	¥31bn	−6.0%	8.9%	¥20bn	Naito Hiroyasu	—
FYE Mar 2020Consolidated	¥340bn	−2.2%	¥34bn	+11.5%	10.1%	¥22bn	Naito Hiroyasu	—
FYE Mar 2021Consolidated	¥344bn	+1.1%	¥41bn	+18.2%	11.8%	¥28bn	Naito Hiroyasu	—
FYE Mar 2022Consolidated	¥366bn	+6.3%	¥36bn	−11.9%	9.8%	¥24bn	Naito Hiroyasu	—
FYE Mar 2023Consolidated	¥425bn	+16.1%	¥41bn	+15.5%	9.7%	¥26bn	Naito Hiroyasu	World’s first 100% hydrogen combustion in a domestic water heater
FYE Mar 2024Consolidated	¥430bn	+1.2%	¥39bn	−5.0%	9.1%	¥27bn	Naito Hiroyasu	—
FYE Mar 2025Consolidated	¥460bn	+7.0%	¥46bn	+16.9%	10.0%	¥30bn	Naito Hiroyasu	—
FYE Mar 2026Consolidated	¥470bn	+2.2%	¥51bn	+9.8%	10.7%	¥36bn	Naito Hiroyasu	—

How it compares

Daikin¥5.02tnFY2025Operating margin 8.3%Hoshizaki¥486bnFY2025Operating margin 10.7%

Rinnai¥470bnFY2025Operating margin 10.7%

Miura¥269bnFY2025Operating margin 11.5%Zojirushi¥91bnFY2025Operating margin 8.2%

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 ¥470bn

CAGR · 10 yrs +4.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	330	n/a	Cons. · Japanese GAAP
FYE Mar 2018	347	+5.1%	Cons. · Japanese GAAP
FYE Mar 2019	348	+0.3%	Cons. · Japanese GAAP
FYE Mar 2020	340	−2.2%	Cons. · Japanese GAAP
FYE Mar 2021	344	+1.1%	Cons. · Japanese GAAP
FYE Mar 2022	366	+6.3%	Cons. · Japanese GAAP
FYE Mar 2023	425	+16.1%	Cons. · Japanese GAAP
FYE Mar 2024	430	+1.2%	Cons. · Japanese GAAP
FYE Mar 2025	460	+7.0%	Cons. · Japanese GAAP
FYE Mar 2026	470	+2.2%	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 ¥307bn

CAGR · 10 yrs +3.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	221	n/a	Cons. · Japanese GAAP
FYE Mar 2018	235	+6.2%	Cons. · Japanese GAAP
FYE Mar 2019	236	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	228	−3.4%	Cons. · Japanese GAAP
FYE Mar 2021	229	+0.5%	Cons. · Japanese GAAP
FYE Mar 2022	250	+9.0%	Cons. · Japanese GAAP
FYE Mar 2023	287	+14.9%	Cons. · Japanese GAAP
FYE Mar 2024	292	+1.9%	Cons. · Japanese GAAP
FYE Mar 2025	304	+4.1%	Cons. · Japanese GAAP
FYE Mar 2026	307	+0.8%	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 ¥164bn

CAGR · 10 yrs +4.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	109	n/a	Cons. · Japanese GAAP
FYE Mar 2018	112	+2.9%	Cons. · Japanese GAAP
FYE Mar 2019	112	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	113	+0.4%	Cons. · Japanese GAAP
FYE Mar 2021	115	+2.4%	Cons. · Japanese GAAP
FYE Mar 2022	117	+1.1%	Cons. · Japanese GAAP
FYE Mar 2023	138	+18.7%	Cons. · Japanese GAAP
FYE Mar 2024	138	−0.4%	Cons. · Japanese GAAP
FYE Mar 2025	156	+13.2%	Cons. · Japanese GAAP
FYE Mar 2026	164	+4.9%	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 ¥113bn

CAGR · 10 yrs +4.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	74.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	79.2	+5.9%	Cons. · Japanese GAAP
FYE Mar 2019	81.2	+2.5%	Cons. · Japanese GAAP
FYE Mar 2020	78.2	−3.8%	Cons. · Japanese GAAP
FYE Mar 2021	74.6	−4.5%	Cons. · Japanese GAAP
FYE Mar 2022	80.7	+8.1%	Cons. · Japanese GAAP
FYE Mar 2023	97.0	+20.2%	Cons. · Japanese GAAP
FYE Mar 2024	98.5	+1.6%	Cons. · Japanese GAAP
FYE Mar 2025	110	+11.8%	Cons. · Japanese GAAP
FYE Mar 2026	113	+2.8%	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 ¥51bn

CAGR · 10 yrs +4.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	34.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.8	−3.5%	Cons. · Japanese GAAP
FYE Mar 2019	30.9	−6.0%	Cons. · Japanese GAAP
FYE Mar 2020	34.4	+11.5%	Cons. · Japanese GAAP
FYE Mar 2021	40.7	+18.2%	Cons. · Japanese GAAP
FYE Mar 2022	35.9	−11.9%	Cons. · Japanese GAAP
FYE Mar 2023	41.4	+15.5%	Cons. · Japanese GAAP
FYE Mar 2024	39.4	−5.0%	Cons. · Japanese GAAP
FYE Mar 2025	46.0	+16.9%	Cons. · Japanese GAAP
FYE Mar 2026	50.5	+9.8%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥7.9bn

CAGR · 10 yrs +15.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.2	−2.3%	Cons. · Japanese GAAP
FYE Mar 2019	2.8	+29.7%	Cons. · Japanese GAAP
FYE Mar 2020	2.3	−16.9%	Cons. · Japanese GAAP
FYE Mar 2021	2.2	−6.4%	Cons. · Japanese GAAP
FYE Mar 2022	4.0	+81.5%	Cons. · Japanese GAAP
FYE Mar 2023	3.8	−4.5%	Cons. · Japanese GAAP
FYE Mar 2024	7.6	+101.8%	Cons. · Japanese GAAP
FYE Mar 2025	5.3	−30.8%	Cons. · Japanese GAAP
FYE Mar 2026	7.9	+50.2%	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 ¥0.8bn

CAGR · 10 yrs −2.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.7	−26.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.4	−49.9%	Cons. · Japanese GAAP
FYE Mar 2020	1.1	+195.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.5	−56.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.8	+61.8%	Cons. · Japanese GAAP
FYE Mar 2023	0.6	−16.6%	Cons. · Japanese GAAP
FYE Mar 2024	0.9	+44.7%	Cons. · Japanese GAAP
FYE Mar 2025	1.0	+5.0%	Cons. · Japanese GAAP
FYE Mar 2026	0.8	−19.2%	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 ¥58bn

CAGR · 10 yrs +5.6%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	35.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.3	−2.8%	Cons. · Japanese GAAP
FYE Mar 2019	33.3	−2.8%	Cons. · Japanese GAAP
FYE Mar 2020	35.7	+7.1%	Cons. · Japanese GAAP
FYE Mar 2021	42.4	+18.8%	Cons. · Japanese GAAP
FYE Mar 2022	39.1	−7.9%	Cons. · Japanese GAAP
FYE Mar 2023	44.6	+14.1%	Cons. · Japanese GAAP
FYE Mar 2024	46.1	+3.4%	Cons. · Japanese GAAP
FYE Mar 2025	50.3	+9.2%	Cons. · Japanese GAAP
FYE Mar 2026	57.7	+14.6%	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 ¥2.3bn

CAGR · 7 yrs +44.8%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.1	+317.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.1	−93.5%	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	1.4	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	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.8	+313.2%	Cons. · Japanese GAAP
FYE Mar 2026	2.3	+176.5%	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 n/a

CAGR · 4 yrs +16.8%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Mar 2017	530	n/a	Cons. · Japanese GAAP
FYE Mar 2018	762	+43.8%	Cons. · Japanese GAAP
FYE Mar 2019	222	−70.9%	Cons. · Japanese GAAP
FYE Mar 2020	844	+280.2%	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	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	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 ¥36bn

CAGR · 10 yrs +5.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	22.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.2	−5.1%	Cons. · Japanese GAAP
FYE Mar 2019	20.5	−3.4%	Cons. · Japanese GAAP
FYE Mar 2020	21.6	+5.3%	Cons. · Japanese GAAP
FYE Mar 2021	27.6	+27.9%	Cons. · Japanese GAAP
FYE Mar 2022	23.7	−13.9%	Cons. · Japanese GAAP
FYE Mar 2023	26.1	+9.9%	Cons. · Japanese GAAP
FYE Mar 2024	26.7	+2.2%	Cons. · Japanese GAAP
FYE Mar 2025	29.7	+11.3%	Cons. · Japanese GAAP
FYE Mar 2026	36.2	+21.8%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 34.8%

Average · 10 yrs 32.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	33.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.3	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	32.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	33.1	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	33.5	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	31.8	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	32.5	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	32.0	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	33.9	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2026	34.8	+0.9pp	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 10.7%

Average · 10 yrs 10.0%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	10.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.5	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	8.9	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	10.1	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	11.8	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	9.8	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2023	9.7	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	9.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	10.0	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	10.7	+0.7pp	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 12.3%

Average · 10 yrs 10.8%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.9	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	9.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	10.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	12.3	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2022	10.7	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2023	10.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	10.7	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	10.9	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	12.3	+1.3pp	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 7.7%

Average · 10 yrs 6.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.1	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	5.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	6.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	8.0	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	6.5	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	6.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	6.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	6.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	7.7	+1.2pp	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 65.2%

Average · 10 yrs 67.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	67.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	67.7	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	67.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	66.9	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	66.5	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	68.2	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	67.5	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	68.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	66.1	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2026	65.2	−0.9pp	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 24.1%

Average · 10 yrs 22.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	22.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.8	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	23.3	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	23.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	21.7	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	22.0	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	22.8	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	22.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	23.9	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2026	24.1	+0.1pp	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 ¥650bn

CAGR · 10 yrs +5.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	402	n/a	Cons. · Japanese GAAP
FYE Mar 2018	422	+5.1%	Cons. · Japanese GAAP
FYE Mar 2019	431	+2.0%	Cons. · Japanese GAAP
FYE Mar 2020	450	+4.5%	Cons. · Japanese GAAP
FYE Mar 2021	497	+10.4%	Cons. · Japanese GAAP
FYE Mar 2022	513	+3.1%	Cons. · Japanese GAAP
FYE Mar 2023	547	+6.7%	Cons. · Japanese GAAP
FYE Mar 2024	577	+5.5%	Cons. · Japanese GAAP
FYE Mar 2025	607	+5.1%	Cons. · Japanese GAAP
FYE Mar 2026	650	+7.1%	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 ¥437bn

CAGR · 10 yrs +5.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	273	n/a	Cons. · Japanese GAAP
FYE Mar 2018	287	+5.3%	Cons. · Japanese GAAP
FYE Mar 2019	299	+4.1%	Cons. · Japanese GAAP
FYE Mar 2020	316	+5.5%	Cons. · Japanese GAAP
FYE Mar 2021	342	+8.5%	Cons. · Japanese GAAP
FYE Mar 2022	343	+0.2%	Cons. · Japanese GAAP
FYE Mar 2023	364	+6.1%	Cons. · Japanese GAAP
FYE Mar 2024	388	+6.5%	Cons. · Japanese GAAP
FYE Mar 2025	406	+4.7%	Cons. · Japanese GAAP
FYE Mar 2026	437	+7.7%	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)

Intangible assets

FYE Mar 2026 ¥18bn

CAGR · 10 yrs +11.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.4	−7.3%	Cons. · Japanese GAAP
FYE Mar 2019	5.7	−9.6%	Cons. · Japanese GAAP
FYE Mar 2020	3.5	−39.4%	Cons. · Japanese GAAP
FYE Mar 2021	3.2	−7.1%	Cons. · Japanese GAAP
FYE Mar 2022	3.8	+17.3%	Cons. · Japanese GAAP
FYE Mar 2023	3.7	−1.3%	Cons. · Japanese GAAP
FYE Mar 2024	3.6	−2.7%	Cons. · Japanese GAAP
FYE Mar 2025	7.8	+113.9%	Cons. · Japanese GAAP
FYE Mar 2026	17.9	+130.3%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 67.3%

Average · 10 yrs 67.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	67.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	68.0	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	69.4	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2020	70.1	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	68.8	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	66.9	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2023	66.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	67.2	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	66.9	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	67.3	+0.4pp	Cons. · Japanese GAAP

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 8.3%

Average · 10 yrs 7.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.4	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	6.8	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	6.8	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	8.1	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	6.9	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2023	7.2	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	6.9	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	7.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	8.3	+1.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 5.6%

Average · 10 yrs 5.0%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.0	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	4.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	4.8	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	5.5	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	4.6	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	4.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	4.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	4.9	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	5.6	+0.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.72×

CAGR · 10 yrs −1.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.82	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.82	−0.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.81	−1.7%	Cons. · Japanese GAAP
FYE Mar 2020	0.76	−6.4%	Cons. · Japanese GAAP
FYE Mar 2021	0.69	−8.4%	Cons. · Japanese GAAP
FYE Mar 2022	0.71	+3.1%	Cons. · Japanese GAAP
FYE Mar 2023	0.78	+8.9%	Cons. · Japanese GAAP
FYE Mar 2024	0.75	−4.1%	Cons. · Japanese GAAP
FYE Mar 2025	0.76	+1.8%	Cons. · Japanese GAAP
FYE Mar 2026	0.72	−4.6%	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 ¥49bn

CAGR · 10 yrs +2.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	39.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.9	−24.4%	Cons. · Japanese GAAP
FYE Mar 2019	29.5	−1.5%	Cons. · Japanese GAAP
FYE Mar 2020	37.7	+27.9%	Cons. · Japanese GAAP
FYE Mar 2021	49.5	+31.3%	Cons. · Japanese GAAP
FYE Mar 2022	28.7	−42.0%	Cons. · Japanese GAAP
FYE Mar 2023	19.4	−32.4%	Cons. · Japanese GAAP
FYE Mar 2024	43.3	+123.6%	Cons. · Japanese GAAP
FYE Mar 2025	57.5	+32.7%	Cons. · Japanese GAAP
FYE Mar 2026	49.3	−14.3%	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 -¥31bn

Average · 10 yrs -¥19bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-17.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-12.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-7.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-15.8	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-25.5	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-30.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-20.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-22.7	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-30.9	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 -¥22bn

Average · 10 yrs -¥16bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-11.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-7.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-27.1	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-21.3	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-23.7	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-26.5	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-21.9	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 ¥135bn

CAGR · 10 yrs +3.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	95.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	102	+6.7%	Cons. · Japanese GAAP
FYE Mar 2019	116	+14.2%	Cons. · Japanese GAAP
FYE Mar 2020	140	+20.7%	Cons. · Japanese GAAP
FYE Mar 2021	167	+18.8%	Cons. · Japanese GAAP
FYE Mar 2022	148	−11.1%	Cons. · Japanese GAAP
FYE Mar 2023	120	−18.8%	Cons. · Japanese GAAP
FYE Mar 2024	124	+3.0%	Cons. · Japanese GAAP
FYE Mar 2025	136	+10.1%	Cons. · Japanese GAAP
FYE Mar 2026	135	−1.3%	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 ¥18bn

CAGR · 10 yrs −1.9%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	21.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.7	−18.8%	Cons. · Japanese GAAP
FYE Mar 2019	22.2	+25.2%	Cons. · Japanese GAAP
FYE Mar 2020	30.6	+37.8%	Cons. · Japanese GAAP
FYE Mar 2021	33.7	+10.1%	Cons. · Japanese GAAP
FYE Mar 2022	3.2	−90.5%	Cons. · Japanese GAAP
FYE Mar 2023	-10.7	−433.3%	Cons. · Japanese GAAP
FYE Mar 2024	23.4	n/a	Cons. · Japanese GAAP
FYE Mar 2025	34.8	+48.9%	Cons. · Japanese GAAP
FYE Mar 2026	18.4	−47.2%	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 10.5%

Average · 10 yrs 10.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	12.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.6	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2019	8.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	11.1	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2021	14.4	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2022	7.8	−6.5pp	Cons. · Japanese GAAP
FYE Mar 2023	4.6	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2024	10.1	+5.5pp	Cons. · Japanese GAAP
FYE Mar 2025	12.5	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2026	10.5	−2.0pp	Cons. · Japanese GAAP

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

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥517bn

Change · 10 yrs +¥54bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	463	n/a
FYE Mar 2018	521	n/a
FYE Mar 2019	404	n/a
FYE Mar 2020	395	n/a
FYE Mar 2021	640	n/a
FYE Mar 2022	459	n/a
FYE Mar 2023	486	n/a
FYE Mar 2024	511	n/a
FYE Mar 2025	497	n/a
FYE Mar 2026	517	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 3,660¥

Change · 10 yrs −5,200¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	8,860	n/a
FYE Mar 2018	10,100	n/a
FYE Mar 2019	7,830	n/a
FYE Mar 2020	7,652	n/a
FYE Mar 2021	12,390	n/a
FYE Mar 2022	9,168	n/a
FYE Mar 2023	9,708	n/a
FYE Mar 2024	3,484	n/a
FYE Mar 2025	3,455	n/a
FYE Mar 2026	3,660	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 141,126,000shares

Change · 10 yrs +88,910,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	52,216,000	Parent
FYE Mar 2018	51,616,000	Parent
FYE Mar 2019	51,616,000	Parent
FYE Mar 2020	51,616,000	Parent
FYE Mar 2021	51,616,000	Parent
FYE Mar 2022	50,021,000	Parent
FYE Mar 2023	50,021,000	Parent
FYE Mar 2024	146,677,000	Parent
FYE Mar 2025	143,888,000	Parent
FYE Mar 2026	141,126,000	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 259.96¥

Change · 10 yrs −169.31¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	429.27	Cons.
FYE Mar 2018	410.41	Cons.
FYE Mar 2019	132.82	Cons.
FYE Mar 2020	139.83	Cons.
FYE Mar 2021	178.87	Cons.
FYE Mar 2022	156.80	Cons.
FYE Mar 2023	176.92	Cons.
FYE Mar 2024	184.75	Cons.
FYE Mar 2025	209.66	Cons.
FYE Mar 2026	259.96	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 3,098.32¥

Change · 10 yrs −2,125.71¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	5,224.03	Cons. · Japanese GAAP
FYE Mar 2018	5,565.77	Cons. · Japanese GAAP
FYE Mar 2019	5,795.41	Cons. · Japanese GAAP
FYE Mar 2020	6,114.69	Cons. · Japanese GAAP
FYE Mar 2021	6,632.23	Cons. · Japanese GAAP
FYE Mar 2022	6,859.52	Cons. · Japanese GAAP
FYE Mar 2023	7,279.96	Cons. · Japanese GAAP
FYE Mar 2024	2,643.73	Cons. · Japanese GAAP
FYE Mar 2025	2,820.57	Cons. · Japanese GAAP
FYE Mar 2026	3,098.32	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 14.08×

Average · 10 yrs 19.34×

Fiscal year	PER ×	Basis
FYE Mar 2017	20.64	Cons.
FYE Mar 2018	24.61	Cons.
FYE Mar 2019	19.65	Cons.
FYE Mar 2020	18.24	Cons.
FYE Mar 2021	23.09	Cons.
FYE Mar 2022	19.49	Cons.
FYE Mar 2023	18.29	Cons.
FYE Mar 2024	18.86	Cons.
FYE Mar 2025	16.48	Cons.
FYE Mar 2026	14.08	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 1.16×

Average · 10 yrs 1.42×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.69	Cons.
FYE Mar 2018	1.81	Cons.
FYE Mar 2019	1.35	Cons.
FYE Mar 2020	1.25	Cons.
FYE Mar 2021	1.86	Cons.
FYE Mar 2022	1.33	Cons.
FYE Mar 2023	1.30	Cons.
FYE Mar 2024	1.29	Cons.
FYE Mar 2025	1.20	Cons.
FYE Mar 2026	1.16	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 11,328people

Change · 10 yrs +816 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	10,512	n/a	Cons.
FYE Mar 2018	10,571	+0.6%	Cons.
FYE Mar 2019	10,613	+0.4%	Cons.
FYE Mar 2020	10,451	−1.5%	Cons.
FYE Mar 2021	10,386	−0.6%	Cons.
FYE Mar 2022	10,777	+3.8%	Cons.
FYE Mar 2023	11,150	+3.5%	Cons.
FYE Mar 2024	10,837	−2.8%	Cons.
FYE Mar 2025	10,908	+0.7%	Cons.
FYE Mar 2026	11,328	+3.9%	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 3,470people

Change · 10 yrs −172 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,642	n/a	Parent
FYE Mar 2018	3,665	+0.6%	Parent
FYE Mar 2019	3,702	+1.0%	Parent
FYE Mar 2020	3,758	+1.5%	Parent
FYE Mar 2021	3,722	−1.0%	Parent
FYE Mar 2022	3,605	−3.1%	Parent
FYE Mar 2023	3,587	−0.5%	Parent
FYE Mar 2024	3,532	−1.5%	Parent
FYE Mar 2025	3,512	−0.6%	Parent
FYE Mar 2026	3,470	−1.2%	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 ¥7.4m

Change · 8 yrs +¥1.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	6.2	n/a	Parent
FYE Mar 2020	6.3	+1.7%	Parent
FYE Mar 2021	6.4	+2.1%	Parent
FYE Mar 2022	6.5	+1.4%	Parent
FYE Mar 2023	6.7	+2.1%	Parent
FYE Mar 2024	6.8	+1.7%	Parent
FYE Mar 2025	7.1	+5.3%	Parent
FYE Mar 2026	7.4	+3.8%	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 40.8years

Change · 8 yrs +3.1 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	37.7	n/a	Parent
FYE Mar 2020	38.2	+1.3%	Parent
FYE Mar 2021	38.7	+1.3%	Parent
FYE Mar 2022	39.6	+2.3%	Parent
FYE Mar 2023	40.2	+1.5%	Parent
FYE Mar 2024	40.6	+1.0%	Parent
FYE Mar 2025	40.7	+0.2%	Parent
FYE Mar 2026	40.8	+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 19.2years

Change · 8 yrs +3.7 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	15.5	n/a	Parent
FYE Mar 2020	16.1	+3.9%	Parent
FYE Mar 2021	16.8	+4.3%	Parent
FYE Mar 2022	17.7	+5.4%	Parent
FYE Mar 2023	18.3	+3.4%	Parent
FYE Mar 2024	18.8	+2.7%	Parent
FYE Mar 2025	18.9	+0.5%	Parent
FYE Mar 2026	19.2	+1.6%	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)

Temporary employees

FYE Mar 2026 2,365people

Change · 10 yrs −1,362 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	3,727	n/a	n/a
FYE Mar 2018	3,856	+3.5%	n/a
FYE Mar 2019	3,360	−12.9%	n/a
FYE Mar 2020	2,909	−13.4%	n/a
FYE Mar 2021	2,442	−16.1%	n/a
FYE Mar 2022	1,766	−27.7%	n/a
FYE Mar 2023	1,581	−10.5%	n/a
FYE Mar 2024	1,357	−14.2%	n/a
FYE Mar 2025	1,543	+13.7%	n/a
FYE Mar 2026	2,365	+53.3%	n/a

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

Revenue per employee

FYE Mar 2026 ¥41.5m

Change · 10 yrs +¥10.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	31.4	n/a	Cons.
FYE Mar 2018	32.8	+4.5%	Cons.
FYE Mar 2019	32.8	−0.1%	Cons.
FYE Mar 2020	32.6	−0.7%	Cons.
FYE Mar 2021	33.2	+1.8%	Cons.
FYE Mar 2022	34.0	+2.5%	Cons.
FYE Mar 2023	38.1	+12.2%	Cons.
FYE Mar 2024	39.7	+4.1%	Cons.
FYE Mar 2025	42.2	+6.3%	Cons.
FYE Mar 2026	41.5	−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 ¥4.5m

Change · 10 yrs +¥1.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons.
FYE Mar 2018	3.1	−4.1%	Cons.
FYE Mar 2019	2.9	−6.4%	Cons.
FYE Mar 2020	3.3	+13.2%	Cons.
FYE Mar 2021	3.9	+18.9%	Cons.
FYE Mar 2022	3.3	−15.1%	Cons.
FYE Mar 2023	3.7	+11.6%	Cons.
FYE Mar 2024	3.6	−2.2%	Cons.
FYE Mar 2025	4.2	+16.1%	Cons.
FYE Mar 2026	4.5	+5.8%	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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