Financials

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

FYE Mar 2026 · Revenue¥129bnYoY +20.2%

FYE Mar 2026 · Operating profit¥36bnYoY +54.9%

FYE Mar 2026 · Net profit¥17bnYoY +53.6%

FYE Mar 2026 · Equity ratio34.9%YoY +2.1pp

FYE Mar 2026 · Group employees3,515YoY +82

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥41bn	n/a	¥3.1bn	n/a	7.5%	¥2.6bn	Nishijima Naomi	—
FYE Mar 2018Consolidated	¥57bn	+38.4%	¥6.4bn	+108.0%	11.3%	¥4.2bn	Nishijima Naomi	Chinese subsidiary listed in Hong Kong
FYE Mar 2019Consolidated	¥68bn	+20.6%	¥10bn	+59.3%	14.9%	¥6.0bn	Nishijima Naomi	—
FYE Mar 2020Consolidated	¥49bn	−28.0%	¥4.5bn	−55.5%	9.2%	¥2.0bn	Kazama Hiroaki	—
FYE Mar 2021Consolidated	¥62bn	+25.0%	¥9.5bn	+109.6%	15.5%	¥4.9bn	Kazama Hiroaki	—
FYE Mar 2022Consolidated	¥93bn	+51.1%	¥19bn	+97.8%	20.2%	¥9.5bn	Kazama Hiroaki	—
FYE Mar 2023Consolidated	¥95bn	+1.9%	¥17bn	−11.1%	17.6%	¥7.7bn	Kazama Hiroaki	Yoneyama Kenji becomes president
FYE Mar 2024Consolidated	¥84bn	−11.6%	¥13bn	−21.9%	15.6%	¥5.4bn	Kazama Hiroaki	Malaysian and Vietnamese subsidiaries set up
FYE Mar 2025Consolidated	¥107bn	+28.0%	¥23bn	+78.0%	21.7%	¥11bn	Watabe Nobuhiro	Fifth Zhejiang plant; Indian foundry starts up
FYE Mar 2026Consolidated	¥129bn	+20.2%	¥36bn	+54.9%	28.0%	¥17bn	Watabe Nobuhiro	Record sales of <span class="en-history_money" data-yen="107400000000" data-year="2025">$717.7M (¥107bn)</span>

How it compares

DMG Mori¥515bnFY2025Operating margin 3.7%Amada¥437bnFY2025Operating margin 10.2%

Makinofuraisuseisakusho¥261bnFY2025Operating margin 9.6%

Nachi-Fujikoshi¥236bnFY2025Operating margin 4.1%

Okuma¥236bnFY2025Operating margin 6.6%FUJI¥181bnFY2025Operating margin 16.2%

Shibaurakikai¥168bnFY2024Operating margin 8.4%

OSG Corporation¥161bnFY2025Operating margin 12.7%

Tsugami¥129bnFY2025Operating margin 28.0%

Sodikku¥81bnFY2025Operating margin 5.2%

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 ¥129bn

CAGR · 10 yrs +13.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	41.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	56.8	+38.4%	Cons. · Japanese GAAP
FYE Mar 2019	68.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	49.3	−28.0%	Cons. · IFRS
FYE Mar 2021	61.7	+25.0%	Cons. · IFRS
FYE Mar 2022	93.2	+51.1%	Cons. · IFRS
FYE Mar 2023	95.0	+1.9%	Cons. · IFRS
FYE Mar 2024	83.9	−11.6%	Cons. · IFRS
FYE Mar 2025	107	+28.0%	Cons. · IFRS
FYE Mar 2026	129	+20.2%	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 ¥81bn

CAGR · 10 yrs +11.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	31.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	42.3	+34.6%	Cons. · Japanese GAAP
FYE Mar 2019	48.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	36.4	−25.1%	Cons. · IFRS
FYE Mar 2021	44.5	+22.3%	Cons. · IFRS
FYE Mar 2022	65.0	+46.2%	Cons. · IFRS
FYE Mar 2023	68.2	+4.9%	Cons. · IFRS
FYE Mar 2024	60.3	−11.7%	Cons. · IFRS
FYE Mar 2025	71.1	+17.9%	Cons. · IFRS
FYE Mar 2026	81.2	+14.2%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥48bn

CAGR · 10 yrs +19.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	9.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.5	+50.5%	Cons. · Japanese GAAP
FYE Mar 2019	20.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	13.0	−35.1%	Cons. · IFRS
FYE Mar 2021	17.2	+32.8%	Cons. · IFRS
FYE Mar 2022	28.2	+63.8%	Cons. · IFRS
FYE Mar 2023	26.8	−5.0%	Cons. · IFRS
FYE Mar 2024	23.7	−11.5%	Cons. · IFRS
FYE Mar 2025	36.4	+53.6%	Cons. · IFRS
FYE Mar 2026	48.0	+32.0%	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 ¥14bn

CAGR · 10 yrs +8.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	6.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.6	+16.0%	Cons. · Japanese GAAP
FYE Mar 2019	9.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.4	−14.6%	Cons. · IFRS
FYE Mar 2021	8.3	−0.9%	Cons. · IFRS
FYE Mar 2022	10.2	+23.2%	Cons. · IFRS
FYE Mar 2023	11.0	+8.0%	Cons. · IFRS
FYE Mar 2024	11.8	+6.6%	Cons. · IFRS
FYE Mar 2025	14.3	+21.5%	Cons. · IFRS
FYE Mar 2026	14.0	−2.3%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥36bn

CAGR · 10 yrs +31.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.4	+108.0%	Cons. · Japanese GAAP
FYE Mar 2019	10.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.5	−55.5%	Cons. · IFRS
FYE Mar 2021	9.5	+109.6%	Cons. · IFRS
FYE Mar 2022	18.9	+97.8%	Cons. · IFRS
FYE Mar 2023	16.8	−11.1%	Cons. · IFRS
FYE Mar 2024	13.1	−21.9%	Cons. · IFRS
FYE Mar 2025	23.3	+78.0%	Cons. · IFRS
FYE Mar 2026	36.1	+54.9%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥0.6bn

CAGR · 10 yrs +6.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.2	−33.2%	Cons. · Japanese GAAP
FYE Mar 2019	0.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.3	−8.8%	Cons. · IFRS
FYE Mar 2021	0.3	+9.4%	Cons. · IFRS
FYE Mar 2022	0.3	−3.2%	Cons. · IFRS
FYE Mar 2023	0.4	+20.1%	Cons. · IFRS
FYE Mar 2024	1.1	+171.8%	Cons. · IFRS
FYE Mar 2025	0.7	−30.8%	Cons. · IFRS
FYE Mar 2026	0.6	−22.5%	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 +7.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	−14.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.6	+251.5%	Cons. · IFRS
FYE Mar 2021	0.4	−31.3%	Cons. · IFRS
FYE Mar 2022	0.4	−0.2%	Cons. · IFRS
FYE Mar 2023	0.7	+65.8%	Cons. · IFRS
FYE Mar 2024	0.4	−45.8%	Cons. · IFRS
FYE Mar 2025	0.3	−7.8%	Cons. · IFRS
FYE Mar 2026	1.1	+210.9%	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 ¥17bn

CAGR · 10 yrs +22.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.2	+58.6%	Cons. · Japanese GAAP
FYE Mar 2019	6.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.0	−66.8%	Cons. · IFRS
FYE Mar 2021	4.9	+145.7%	Cons. · IFRS
FYE Mar 2022	9.5	+92.9%	Cons. · IFRS
FYE Mar 2023	7.7	−18.9%	Cons. · IFRS
FYE Mar 2024	5.4	−30.1%	Cons. · IFRS
FYE Mar 2025	10.9	+102.8%	Cons. · IFRS
FYE Mar 2026	16.7	+53.6%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 37.1%

Average · 10 yrs 29.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	23.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.5	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	29.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	26.3	−2.9pp	Cons. · IFRS
FYE Mar 2021	27.9	+1.6pp	Cons. · IFRS
FYE Mar 2022	30.2	+2.3pp	Cons. · IFRS
FYE Mar 2023	28.2	−2.1pp	Cons. · IFRS
FYE Mar 2024	28.2	−0.0pp	Cons. · IFRS
FYE Mar 2025	33.8	+5.6pp	Cons. · IFRS
FYE Mar 2026	37.1	+3.3pp	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 28.0%

Average · 10 yrs 16.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	7.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.3	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2019	14.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	9.2	−5.7pp	Cons. · IFRS
FYE Mar 2021	15.5	+6.2pp	Cons. · IFRS
FYE Mar 2022	20.2	+4.8pp	Cons. · IFRS
FYE Mar 2023	17.6	−2.6pp	Cons. · IFRS
FYE Mar 2024	15.6	−2.0pp	Cons. · IFRS
FYE Mar 2025	21.7	+6.1pp	Cons. · IFRS
FYE Mar 2026	28.0	+6.3pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 13.0%

Average · 10 yrs 8.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.3	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	8.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.1	−4.8pp	Cons. · IFRS
FYE Mar 2021	8.0	+3.9pp	Cons. · IFRS
FYE Mar 2022	10.2	+2.2pp	Cons. · IFRS
FYE Mar 2023	8.1	−2.1pp	Cons. · IFRS
FYE Mar 2024	6.4	−1.7pp	Cons. · IFRS
FYE Mar 2025	10.1	+3.7pp	Cons. · IFRS
FYE Mar 2026	13.0	+2.8pp	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 62.9%

Average · 10 yrs 71.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	76.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	74.5	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	70.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	73.7	+2.9pp	Cons. · IFRS
FYE Mar 2021	72.1	−1.6pp	Cons. · IFRS
FYE Mar 2022	69.8	−2.3pp	Cons. · IFRS
FYE Mar 2023	71.8	+2.1pp	Cons. · IFRS
FYE Mar 2024	71.8	−0.0pp	Cons. · IFRS
FYE Mar 2025	66.2	−5.6pp	Cons. · IFRS
FYE Mar 2026	62.9	−3.3pp	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 10.8%

Average · 10 yrs 13.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	15.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.4	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2019	14.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	17.0	+2.7pp	Cons. · IFRS
FYE Mar 2021	13.5	−3.5pp	Cons. · IFRS
FYE Mar 2022	11.0	−2.5pp	Cons. · IFRS
FYE Mar 2023	11.6	+0.7pp	Cons. · IFRS
FYE Mar 2024	14.0	+2.4pp	Cons. · IFRS
FYE Mar 2025	13.3	−0.7pp	Cons. · IFRS
FYE Mar 2026	10.8	−2.5pp	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 ¥154bn

CAGR · 10 yrs +13.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	50.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	62.4	+24.4%	Cons. · Japanese GAAP
FYE Mar 2019	64.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	61.9	−3.7%	Cons. · IFRS
FYE Mar 2021	79.3	+28.2%	Cons. · IFRS
FYE Mar 2022	104	+30.9%	Cons. · IFRS
FYE Mar 2023	112	+8.3%	Cons. · IFRS
FYE Mar 2024	118	+4.8%	Cons. · IFRS
FYE Mar 2025	127	+8.1%	Cons. · IFRS
FYE Mar 2026	154	+21.0%	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 ¥54bn

CAGR · 10 yrs +6.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	31.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.7	+0.8%	Cons. · Japanese GAAP
FYE Mar 2019	33.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	25.9	−22.1%	Cons. · IFRS
FYE Mar 2021	29.6	+14.4%	Cons. · IFRS
FYE Mar 2022	33.3	+12.5%	Cons. · IFRS
FYE Mar 2023	37.0	+11.0%	Cons. · IFRS
FYE Mar 2024	40.8	+10.4%	Cons. · IFRS
FYE Mar 2025	41.7	+2.0%	Cons. · IFRS
FYE Mar 2026	53.7	+28.9%	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 ¥9.0bn

CAGR · 10 yrs +8.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.4	+77.5%	Cons. · Japanese GAAP
FYE Mar 2019	11.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.9	−20.3%	Cons. · IFRS
FYE Mar 2021	9.6	+8.0%	Cons. · IFRS
FYE Mar 2022	13.3	+39.0%	Cons. · IFRS
FYE Mar 2023	17.7	+32.9%	Cons. · IFRS
FYE Mar 2024	16.8	−5.0%	Cons. · IFRS
FYE Mar 2025	11.5	−31.5%	Cons. · IFRS
FYE Mar 2026	9.0	−21.8%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥9.0bn

CAGR · 10 yrs +8.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.2	−23.5%	Cons. · Japanese GAAP
FYE Mar 2019	11.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.9	−20.3%	Cons. · IFRS
FYE Mar 2021	9.6	+8.0%	Cons. · IFRS
FYE Mar 2022	13.3	+39.0%	Cons. · IFRS
FYE Mar 2023	17.7	+32.9%	Cons. · IFRS
FYE Mar 2024	16.8	−5.0%	Cons. · IFRS
FYE Mar 2025	11.5	−31.5%	Cons. · IFRS
FYE Mar 2026	9.0	−21.8%	Cons. · IFRS

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥0.1bn

CAGR · 10 yrs −15.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.1	−86.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.3	+131.4%	Cons. · IFRS
FYE Mar 2021	1.1	−13.4%	Cons. · IFRS
FYE Mar 2022	0.9	−19.1%	Cons. · IFRS
FYE Mar 2023	0.6	−31.9%	Cons. · IFRS
FYE Mar 2024	0.4	−41.6%	Cons. · IFRS
FYE Mar 2025	0.2	−53.8%	Cons. · IFRS
FYE Mar 2026	0.1	−14.5%	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 34.9%

Average · 10 yrs 41.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	62.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.8	−11.9pp	Cons. · Japanese GAAP
FYE Mar 2019	51.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	41.8	−9.9pp	Cons. · IFRS
FYE Mar 2021	37.4	−4.5pp	Cons. · IFRS
FYE Mar 2022	32.1	−5.3pp	Cons. · IFRS
FYE Mar 2023	32.9	+0.8pp	Cons. · IFRS
FYE Mar 2024	34.7	+1.8pp	Cons. · IFRS
FYE Mar 2025	32.7	−2.0pp	Cons. · IFRS
FYE Mar 2026	34.9	+2.1pp	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 16.8%

Average · 10 yrs 31.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	13.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.4	+10.1pp	Cons. · Japanese GAAP
FYE Mar 2019	33.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	34.3	+0.8pp	Cons. · IFRS
FYE Mar 2021	32.3	−1.9pp	Cons. · IFRS
FYE Mar 2022	40.0	+7.6pp	Cons. · IFRS
FYE Mar 2023	47.9	+7.9pp	Cons. · IFRS
FYE Mar 2024	41.2	−6.7pp	Cons. · IFRS
FYE Mar 2025	27.6	−13.5pp	Cons. · IFRS
FYE Mar 2026	16.8	−10.9pp	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 31.2%

Average · 10 yrs 18.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.2	+4.8pp	Cons. · Japanese GAAP
FYE Mar 2019	18.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7.7	−10.4pp	Cons. · IFRS
FYE Mar 2021	16.6	+8.9pp	Cons. · IFRS
FYE Mar 2022	28.5	+11.9pp	Cons. · IFRS
FYE Mar 2023	20.8	−7.7pp	Cons. · IFRS
FYE Mar 2024	13.2	−7.6pp	Cons. · IFRS
FYE Mar 2025	26.2	+13.0pp	Cons. · IFRS
FYE Mar 2026	31.2	+5.0pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 10.9%

Average · 10 yrs 7.1%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.7	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	9.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3.2	−6.2pp	Cons. · IFRS
FYE Mar 2021	6.2	+3.0pp	Cons. · IFRS
FYE Mar 2022	9.1	+2.9pp	Cons. · IFRS
FYE Mar 2023	6.8	−2.3pp	Cons. · IFRS
FYE Mar 2024	4.6	−2.3pp	Cons. · IFRS
FYE Mar 2025	8.6	+4.0pp	Cons. · IFRS
FYE Mar 2026	10.9	+2.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.84×

CAGR · 10 yrs +0.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.82	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.91	+11.2%	Cons. · Japanese GAAP
FYE Mar 2019	1.07	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.80	−25.3%	Cons. · IFRS
FYE Mar 2021	0.78	−2.4%	Cons. · IFRS
FYE Mar 2022	0.90	+15.5%	Cons. · IFRS
FYE Mar 2023	0.85	−5.9%	Cons. · IFRS
FYE Mar 2024	0.71	−15.6%	Cons. · IFRS
FYE Mar 2025	0.84	+18.3%	Cons. · IFRS
FYE Mar 2026	0.84	−0.6%	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 ¥29bn

CAGR · 10 yrs +20.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.8	+23.1%	Cons. · Japanese GAAP
FYE Mar 2019	2.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.0	+229.2%	Cons. · IFRS
FYE Mar 2021	6.8	−15.1%	Cons. · IFRS
FYE Mar 2022	6.3	−7.2%	Cons. · IFRS
FYE Mar 2023	8.3	+31.8%	Cons. · IFRS
FYE Mar 2024	11.9	+43.2%	Cons. · IFRS
FYE Mar 2025	8.9	−25.5%	Cons. · IFRS
FYE Mar 2026	28.6	+223.0%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥2.1bn

Average · 10 yrs -¥1.4bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-0.6	−166.8%	Cons. · Japanese GAAP
FYE Mar 2019	-1.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-3.2	n/a	Cons. · IFRS
FYE Mar 2021	1.4	n/a	Cons. · IFRS
FYE Mar 2022	-3.0	−310.1%	Cons. · IFRS
FYE Mar 2023	-1.3	n/a	Cons. · IFRS
FYE Mar 2024	-2.6	n/a	Cons. · IFRS
FYE Mar 2025	-2.0	n/a	Cons. · IFRS
FYE Mar 2026	-2.1	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 -¥16bn

Average · 10 yrs -¥5.0bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-0.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-4.3	n/a	Cons. · IFRS
FYE Mar 2021	-2.8	n/a	Cons. · IFRS
FYE Mar 2022	-3.5	n/a	Cons. · IFRS
FYE Mar 2023	-0.4	n/a	Cons. · IFRS
FYE Mar 2024	-6.7	n/a	Cons. · IFRS
FYE Mar 2025	-8.8	n/a	Cons. · IFRS
FYE Mar 2026	-15.9	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 ¥42bn

CAGR · 10 yrs +28.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.2	+123.2%	Cons. · Japanese GAAP
FYE Mar 2019	10.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	14.6	+35.6%	Cons. · IFRS
FYE Mar 2021	17.2	+17.8%	Cons. · IFRS
FYE Mar 2022	17.3	+0.4%	Cons. · IFRS
FYE Mar 2023	18.8	+9.1%	Cons. · IFRS
FYE Mar 2024	30.5	+61.8%	Cons. · IFRS
FYE Mar 2025	27.7	−9.1%	Cons. · IFRS
FYE Mar 2026	42.2	+52.1%	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 ¥27bn

CAGR · 10 yrs +17.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	6.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.2	−3.9%	Cons. · Japanese GAAP
FYE Mar 2019	1.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.7	+315.8%	Cons. · IFRS
FYE Mar 2021	8.2	+73.0%	Cons. · IFRS
FYE Mar 2022	3.3	−60.0%	Cons. · IFRS
FYE Mar 2023	7.0	+113.6%	Cons. · IFRS
FYE Mar 2024	9.3	+32.1%	Cons. · IFRS
FYE Mar 2025	6.8	−26.3%	Cons. · IFRS
FYE Mar 2026	26.5	+288.0%	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 22.1%

Average · 10 yrs 11.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	13.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.0	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	3.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	16.2	+12.7pp	Cons. · IFRS
FYE Mar 2021	11.0	−5.2pp	Cons. · IFRS
FYE Mar 2022	6.8	−4.2pp	Cons. · IFRS
FYE Mar 2023	8.7	+2.0pp	Cons. · IFRS
FYE Mar 2024	14.2	+5.4pp	Cons. · IFRS
FYE Mar 2025	8.2	−5.9pp	Cons. · IFRS
FYE Mar 2026	22.1	+13.9pp	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 ¥33bn

CAGR · 10 yrs +64.4%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.8	+628.8%	Cons. · Japanese GAAP
FYE Mar 2019	-0.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.7	n/a	Cons. · IFRS
FYE Mar 2021	7.6	+32.8%	Cons. · IFRS
FYE Mar 2022	4.0	−48.0%	Cons. · IFRS
FYE Mar 2023	1.1	−71.1%	Cons. · IFRS
FYE Mar 2024	13.7	+1093.6%	Cons. · IFRS
FYE Mar 2025	16.2	+18.5%	Cons. · IFRS
FYE Mar 2026	33.2	+104.7%	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 ¥153bn

Change · 10 yrs +¥105bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	48.0	n/a
FYE Mar 2018	73.6	n/a
FYE Mar 2019	46.8	n/a
FYE Mar 2020	41.5	n/a
FYE Mar 2021	91.5	n/a
FYE Mar 2022	66.5	n/a
FYE Mar 2023	71.7	n/a
FYE Mar 2024	57.5	n/a
FYE Mar 2025	87.4	n/a
FYE Mar 2026	153	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 3,197¥

Change · 10 yrs +2,456¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	740	n/a
FYE Mar 2018	1,338	n/a
FYE Mar 2019	852	n/a
FYE Mar 2020	754	n/a
FYE Mar 2021	1,663	n/a
FYE Mar 2022	1,330	n/a
FYE Mar 2023	1,435	n/a
FYE Mar 2024	1,150	n/a
FYE Mar 2025	1,820	n/a
FYE Mar 2026	3,197	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 48,000,000shares

Change · 10 yrs −16,919,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	64,919,000	Parent
FYE Mar 2018	55,000,000	Parent
FYE Mar 2019	55,000,000	Parent
FYE Mar 2020	55,000,000	Parent
FYE Mar 2021	55,000,000	Parent
FYE Mar 2022	50,000,000	Parent
FYE Mar 2023	50,000,000	Parent
FYE Mar 2024	50,000,000	Parent
FYE Mar 2025	48,000,000	Parent
FYE Mar 2026	48,000,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Mar 2026 361.20¥

Change · 10 yrs +319.29¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	41.91	Cons.
FYE Mar 2018	70.62	Cons.
FYE Mar 2019	117.98	Cons.
FYE Mar 2020	38.60	Cons.
FYE Mar 2021	95.21	Cons.
FYE Mar 2022	191.99	Cons.
FYE Mar 2023	159.39	Cons.
FYE Mar 2024	112.57	Cons.
FYE Mar 2025	231.55	Cons.
FYE Mar 2026	361.20	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 1,119.33¥

Change · 10 yrs +634.70¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	484.63	Cons. · Japanese GAAP
FYE Mar 2018	576.38	Cons. · Japanese GAAP
FYE Mar 2019	604.33	Cons. · IFRS
FYE Mar 2020	470.67	Cons. · IFRS
FYE Mar 2021	538.58	Cons. · IFRS
FYE Mar 2022	666.40	Cons. · IFRS
FYE Mar 2023	739.70	Cons. · IFRS
FYE Mar 2024	816.98	Cons. · IFRS
FYE Mar 2025	868.33	Cons. · IFRS
FYE Mar 2026	1,119.33	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 8.85×

Average · 10 yrs 12.37×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.66	Cons.
FYE Mar 2018	18.95	Cons.
FYE Mar 2019	7.22	Cons.
FYE Mar 2020	19.54	Cons.
FYE Mar 2021	17.47	Cons.
FYE Mar 2022	6.93	Cons.
FYE Mar 2023	9.00	Cons.
FYE Mar 2024	10.22	Cons.
FYE Mar 2025	7.86	Cons.
FYE Mar 2026	8.85	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 1.86×

Average · 10 yrs 1.54×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.45	Cons.
FYE Mar 2018	2.25	Cons.
FYE Mar 2019	1.33	Cons.
FYE Mar 2020	1.20	Cons.
FYE Mar 2021	2.21	Cons.
FYE Mar 2022	1.41	Cons.
FYE Mar 2023	1.36	Cons.
FYE Mar 2024	0.97	Cons.
FYE Mar 2025	1.37	Cons.
FYE Mar 2026	1.86	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 3,515people

Change · 10 yrs +1,556 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	1,959	n/a	Cons.
FYE Mar 2018	2,445	+24.8%	Cons.
FYE Mar 2019	2,326	−4.9%	Cons.
FYE Mar 2020	2,223	−4.4%	Cons.
FYE Mar 2021	2,586	+16.3%	Cons.
FYE Mar 2022	3,078	+19.0%	Cons.
FYE Mar 2023	3,103	+0.8%	Cons.
FYE Mar 2024	3,063	−1.3%	Cons.
FYE Mar 2025	3,433	+12.1%	Cons.
FYE Mar 2026	3,515	+2.4%	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 482people

Change · 10 yrs +43 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	439	n/a	Parent
FYE Mar 2018	368	−16.2%	Parent
FYE Mar 2019	449	+22.0%	Parent
FYE Mar 2020	451	+0.4%	Parent
FYE Mar 2021	496	+10.0%	Parent
FYE Mar 2022	482	−2.8%	Parent
FYE Mar 2023	482	−0.0%	Parent
FYE Mar 2024	491	+1.9%	Parent
FYE Mar 2025	500	+1.8%	Parent
FYE Mar 2026	482	−3.6%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Mar 2026 707万円

Change · 8 yrs +58万円

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	650	n/a	Parent
FYE Mar 2020	642	−1.2%	Parent
FYE Mar 2021	577	−10.1%	Parent
FYE Mar 2022	612	+6.2%	Parent
FYE Mar 2023	640	+4.6%	Parent
FYE Mar 2024	692	+8.1%	Parent
FYE Mar 2025	694	+0.2%	Parent
FYE Mar 2026	707	+2.0%	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 44.0years

Change · 8 yrs +0.6 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	43.4	n/a	Parent
FYE Mar 2020	43.4	−0.0%	Parent
FYE Mar 2021	43.6	+0.5%	Parent
FYE Mar 2022	43.6	−0.0%	Parent
FYE Mar 2023	43.7	+0.2%	Parent
FYE Mar 2024	43.8	+0.2%	Parent
FYE Mar 2025	44.0	+0.5%	Parent
FYE Mar 2026	44.0	−0.0%	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 19.0years

Change · 8 yrs +0.3 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	18.7	n/a	Parent
FYE Mar 2020	18.8	+0.5%	Parent
FYE Mar 2021	19.1	+1.6%	Parent
FYE Mar 2022	19.1	−0.0%	Parent
FYE Mar 2023	19.2	+0.5%	Parent
FYE Mar 2024	19.2	−0.0%	Parent
FYE Mar 2025	19.2	−0.0%	Parent
FYE Mar 2026	19.0	−1.0%	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 89people

Change · 10 yrs −6 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	95	n/a	n/a
FYE Mar 2018	88	−7.4%	n/a
FYE Mar 2019	94	+6.8%	n/a
FYE Mar 2020	95	+1.1%	n/a
FYE Mar 2021	92	−3.2%	n/a
FYE Mar 2022	96	+4.3%	n/a
FYE Mar 2023	88	−8.3%	n/a
FYE Mar 2024	91	+3.4%	n/a
FYE Mar 2025	90	−1.1%	n/a
FYE Mar 2026	89	−1.1%	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 ¥36.7m

Change · 10 yrs +¥15.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	21.0	n/a	Cons.
FYE Mar 2018	23.2	+10.9%	Cons.
FYE Mar 2019	29.4	n/a	Cons.
FYE Mar 2020	22.2	−24.7%	Cons.
FYE Mar 2021	23.8	+7.5%	Cons.
FYE Mar 2022	30.3	+27.0%	Cons.
FYE Mar 2023	30.6	+1.1%	Cons.
FYE Mar 2024	27.4	−10.5%	Cons.
FYE Mar 2025	31.3	+14.2%	Cons.
FYE Mar 2026	36.7	+17.4%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥10.3m

Change · 10 yrs +¥8.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons.
FYE Mar 2018	2.6	+66.6%	Cons.
FYE Mar 2019	4.4	n/a	Cons.
FYE Mar 2020	2.0	−53.4%	Cons.
FYE Mar 2021	3.7	+80.1%	Cons.
FYE Mar 2022	6.1	+66.2%	Cons.
FYE Mar 2023	5.4	−11.9%	Cons.
FYE Mar 2024	4.3	−20.8%	Cons.
FYE Mar 2025	6.8	+58.8%	Cons.
FYE Mar 2026	10.3	+51.3%	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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