Financials

Amada: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥437bnYoY +10.3%

FYE Mar 2026 · Operating profit¥45bnYoY −8.7%

FYE Mar 2026 · Net profit¥31bnYoY −5.7%

FYE Mar 2026 · Equity ratio68.7%YoY −10.5pp

FYE Mar 2026 · Group employees9,872YoY +875

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥279bn	n/a	¥33bn	n/a	11.8%	¥26bn	Isobe Tsutomu	—
FYE Mar 2018Consolidated	¥302bn	+8.2%	¥40bn	+20.3%	13.2%	¥30bn	Isobe Tsutomu	—
FYE Mar 2019Consolidated	¥338bn	+12.2%	¥45bn	+13.6%	13.3%	¥33bn	Isobe Tsutomu	Marvel Manufacturing (US) and Orii Mec acquired
FYE Mar 2020Consolidated	¥320bn	−5.4%	¥35bn	−23.2%	10.8%	¥23bn	Isobe Tsutomu	—
FYE Mar 2021Consolidated	¥250bn	−21.8%	¥27bn	−23.0%	10.7%	¥19bn	Isobe Tsutomu	Holding company unwound; back to an operating company
FYE Mar 2022Consolidated	¥313bn	+24.8%	¥39bn	+44.3%	12.3%	¥28bn	Isobe Tsutomu	—
FYE Mar 2023Consolidated	¥366bn	+17.0%	¥50bn	+29.4%	13.6%	¥34bn	Isobe Tsutomu	TSE Prime listing
FYE Mar 2024Consolidated	¥404bn	+10.3%	¥57bn	+13.3%	14.0%	¥41bn	Isobe Tsutomu	<a class="en-history_person" href="/tse/6113/executives/ceo/yamanashi-takaaki/" hreflang="ja">Yamanashi Takaaki</a> becomes president
FYE Mar 2025Consolidated	¥397bn	−1.7%	¥49bn	−13.2%	12.4%	¥32bn	Yamanashi Takaaki	Amada Weld Tech absorbed into the parent
FYE Mar 2026Consolidated	¥437bn	+10.3%	¥45bn	−8.7%	10.2%	¥31bn	Yamanashi Takaaki	H&F and Via Mechanics acquired for <span class="en-history_money" data-yen="68700000000" data-year="2025">$459.1M (¥69bn)</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%

OSG Corporation¥161bnFY2025Operating margin 12.7%

Tsugami¥129bnFY2025Operating margin 28.0%

Hitachi Seiki Co., Ltd.Delisted 2002

Howa Machinery, Ltd.¥24bnFY2025Operating margin 4.9%

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 ¥437bn

CAGR · 10 yrs +5.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	279	n/a	Cons. · Japanese GAAP
FYE Mar 2018	302	+8.2%	Cons. · Japanese GAAP
FYE Mar 2019	338	moved to IFRS	Cons. · IFRS
FYE Mar 2020	320	−5.4%	Cons. · IFRS
FYE Mar 2021	250	−21.8%	Cons. · IFRS
FYE Mar 2022	313	+24.8%	Cons. · IFRS
FYE Mar 2023	366	+17.0%	Cons. · IFRS
FYE Mar 2024	404	+10.3%	Cons. · IFRS
FYE Mar 2025	397	−1.7%	Cons. · IFRS
FYE Mar 2026	437	+10.3%	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 ¥260bn

CAGR · 10 yrs +5.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	156	n/a	Cons. · Japanese GAAP
FYE Mar 2018	169	+8.4%	Cons. · Japanese GAAP
FYE Mar 2019	191	moved to IFRS	Cons. · IFRS
FYE Mar 2020	187	−2.3%	Cons. · IFRS
FYE Mar 2021	151	−19.0%	Cons. · IFRS
FYE Mar 2022	179	+18.4%	Cons. · IFRS
FYE Mar 2023	206	+15.3%	Cons. · IFRS
FYE Mar 2024	228	+10.7%	Cons. · IFRS
FYE Mar 2025	224	−1.8%	Cons. · IFRS
FYE Mar 2026	260	+15.9%	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 ¥178bn

CAGR · 10 yrs +4.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	123	n/a	Cons. · Japanese GAAP
FYE Mar 2018	133	+7.9%	Cons. · Japanese GAAP
FYE Mar 2019	147	moved to IFRS	Cons. · IFRS
FYE Mar 2020	133	−9.3%	Cons. · IFRS
FYE Mar 2021	99.2	−25.7%	Cons. · IFRS
FYE Mar 2022	134	+34.7%	Cons. · IFRS
FYE Mar 2023	159	+19.2%	Cons. · IFRS
FYE Mar 2024	175	+9.9%	Cons. · IFRS
FYE Mar 2025	172	−1.6%	Cons. · IFRS
FYE Mar 2026	178	+3.0%	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 ¥134bn

CAGR · 10 yrs +4.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	90.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	93.7	+4.2%	Cons. · Japanese GAAP
FYE Mar 2019	103	moved to IFRS	Cons. · IFRS
FYE Mar 2020	100	−2.3%	Cons. · IFRS
FYE Mar 2021	81.5	−18.6%	Cons. · IFRS
FYE Mar 2022	94.4	+15.8%	Cons. · IFRS
FYE Mar 2023	110	+16.3%	Cons. · IFRS
FYE Mar 2024	119	+8.6%	Cons. · IFRS
FYE Mar 2025	125	+4.7%	Cons. · IFRS
FYE Mar 2026	134	+7.6%	Cons. · IFRS

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

Operating profit

FYE Mar 2026 ¥45bn

CAGR · 10 yrs +3.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	33.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	39.7	+20.3%	Cons. · Japanese GAAP
FYE Mar 2019	45.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	34.7	−23.2%	Cons. · IFRS
FYE Mar 2021	26.7	−23.0%	Cons. · IFRS
FYE Mar 2022	38.5	+44.3%	Cons. · IFRS
FYE Mar 2023	49.9	+29.4%	Cons. · IFRS
FYE Mar 2024	56.5	+13.3%	Cons. · IFRS
FYE Mar 2025	49.1	−13.2%	Cons. · IFRS
FYE Mar 2026	44.8	−8.7%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥4.0bn

CAGR · 10 yrs +1.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.9	−49.1%	Cons. · Japanese GAAP
FYE Mar 2019	3.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.5	−50.1%	Cons. · IFRS
FYE Mar 2021	2.9	+96.9%	Cons. · IFRS
FYE Mar 2022	3.9	+32.5%	Cons. · IFRS
FYE Mar 2023	2.9	−25.8%	Cons. · IFRS
FYE Mar 2024	5.8	+99.1%	Cons. · IFRS
FYE Mar 2025	1.5	−74.7%	Cons. · IFRS
FYE Mar 2026	4.0	+177.5%	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 ¥3.3bn

CAGR · 10 yrs +3.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.0	−58.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.7	+286.5%	Cons. · IFRS
FYE Mar 2021	0.9	−68.2%	Cons. · IFRS
FYE Mar 2022	2.1	+139.2%	Cons. · IFRS
FYE Mar 2023	3.4	+63.4%	Cons. · IFRS
FYE Mar 2024	4.4	+31.0%	Cons. · IFRS
FYE Mar 2025	1.5	−65.9%	Cons. · IFRS
FYE Mar 2026	3.3	+121.5%	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 ¥31bn

CAGR · 10 yrs +1.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	25.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.9	+15.3%	Cons. · Japanese GAAP
FYE Mar 2019	33.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	23.4	−29.1%	Cons. · IFRS
FYE Mar 2021	18.6	−20.6%	Cons. · IFRS
FYE Mar 2022	27.8	+49.6%	Cons. · IFRS
FYE Mar 2023	34.2	+23.0%	Cons. · IFRS
FYE Mar 2024	40.6	+19.0%	Cons. · IFRS
FYE Mar 2025	32.4	−20.3%	Cons. · IFRS
FYE Mar 2026	30.6	−5.7%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 40.6%

Average · 10 yrs 42.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	44.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	44.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	43.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	41.7	−1.8pp	Cons. · IFRS
FYE Mar 2021	39.6	−2.1pp	Cons. · IFRS
FYE Mar 2022	42.7	+3.1pp	Cons. · IFRS
FYE Mar 2023	43.6	+0.8pp	Cons. · IFRS
FYE Mar 2024	43.4	−0.2pp	Cons. · IFRS
FYE Mar 2025	43.5	−0.0pp	Cons. · IFRS
FYE Mar 2026	40.6	−2.9pp	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 10.2%

Average · 10 yrs 12.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	11.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.2	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	13.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	10.8	−2.5pp	Cons. · IFRS
FYE Mar 2021	10.7	−0.2pp	Cons. · IFRS
FYE Mar 2022	12.3	+1.7pp	Cons. · IFRS
FYE Mar 2023	13.6	+1.3pp	Cons. · IFRS
FYE Mar 2024	14.0	+0.4pp	Cons. · IFRS
FYE Mar 2025	12.4	−1.6pp	Cons. · IFRS
FYE Mar 2026	10.2	−2.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 7.0%

Average · 10 yrs 8.7%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	9.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7.3	−2.4pp	Cons. · IFRS
FYE Mar 2021	7.4	+0.1pp	Cons. · IFRS
FYE Mar 2022	8.9	+1.5pp	Cons. · IFRS
FYE Mar 2023	9.3	+0.5pp	Cons. · IFRS
FYE Mar 2024	10.1	+0.7pp	Cons. · IFRS
FYE Mar 2025	8.2	−1.9pp	Cons. · IFRS
FYE Mar 2026	7.0	−1.2pp	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 59.4%

Average · 10 yrs 57.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	55.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	56.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	56.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	58.3	+1.9pp	Cons. · IFRS
FYE Mar 2021	60.4	+2.1pp	Cons. · IFRS
FYE Mar 2022	57.3	−3.1pp	Cons. · IFRS
FYE Mar 2023	56.4	−0.8pp	Cons. · IFRS
FYE Mar 2024	56.6	+0.2pp	Cons. · IFRS
FYE Mar 2025	56.5	−0.0pp	Cons. · IFRS
FYE Mar 2026	59.4	+2.9pp	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 30.7%

Average · 10 yrs 30.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	32.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.1	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	30.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	31.3	+1.0pp	Cons. · IFRS
FYE Mar 2021	32.6	+1.3pp	Cons. · IFRS
FYE Mar 2022	30.2	−2.4pp	Cons. · IFRS
FYE Mar 2023	30.0	−0.2pp	Cons. · IFRS
FYE Mar 2024	29.5	−0.5pp	Cons. · IFRS
FYE Mar 2025	31.4	+1.9pp	Cons. · IFRS
FYE Mar 2026	30.7	−0.8pp	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 ¥772bn

CAGR · 10 yrs +4.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	533	n/a	Cons. · Japanese GAAP
FYE Mar 2018	557	+4.4%	Cons. · Japanese GAAP
FYE Mar 2019	573	moved to IFRS	Cons. · IFRS
FYE Mar 2020	559	−2.4%	Cons. · IFRS
FYE Mar 2021	557	−0.2%	Cons. · IFRS
FYE Mar 2022	614	+10.3%	Cons. · IFRS
FYE Mar 2023	648	+5.4%	Cons. · IFRS
FYE Mar 2024	681	+5.2%	Cons. · IFRS
FYE Mar 2025	650	−4.6%	Cons. · IFRS
FYE Mar 2026	772	+18.8%	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 ¥531bn

CAGR · 10 yrs +2.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	417	n/a	Cons. · Japanese GAAP
FYE Mar 2018	435	+4.4%	Cons. · Japanese GAAP
FYE Mar 2019	447	moved to IFRS	Cons. · IFRS
FYE Mar 2020	428	−4.4%	Cons. · IFRS
FYE Mar 2021	443	+3.7%	Cons. · IFRS
FYE Mar 2022	476	+7.3%	Cons. · IFRS
FYE Mar 2023	500	+5.1%	Cons. · IFRS
FYE Mar 2024	525	+5.0%	Cons. · IFRS
FYE Mar 2025	515	−2.0%	Cons. · IFRS
FYE Mar 2026	531	+3.1%	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 ¥81bn

CAGR · 10 yrs +18.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	17.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.6	−8.6%	Cons. · Japanese GAAP
FYE Mar 2019	9.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	21.2	+114.0%	Cons. · IFRS
FYE Mar 2021	14.9	−29.8%	Cons. · IFRS
FYE Mar 2022	7.1	−52.6%	Cons. · IFRS
FYE Mar 2023	5.3	−24.7%	Cons. · IFRS
FYE Mar 2024	8.2	+54.7%	Cons. · IFRS
FYE Mar 2025	11.0	+33.0%	Cons. · IFRS
FYE Mar 2026	80.8	+637.6%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥73bn

CAGR · 10 yrs +20.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	13.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	−41.0%	Cons. · Japanese GAAP
FYE Mar 2019	5.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	16.9	+214.6%	Cons. · IFRS
FYE Mar 2021	11.2	−33.5%	Cons. · IFRS
FYE Mar 2022	4.8	−57.0%	Cons. · IFRS
FYE Mar 2023	4.7	−3.4%	Cons. · IFRS
FYE Mar 2024	8.2	+76.9%	Cons. · IFRS
FYE Mar 2025	11.0	+33.0%	Cons. · IFRS
FYE Mar 2026	72.8	+564.6%	Cons. · IFRS

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

Long-term borrowings

FYE Mar 2026 ¥8.0bn

CAGR · 8 yrs +13.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.3	+57.8%	Cons. · Japanese GAAP
FYE Mar 2019	4.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.4	−4.5%	Cons. · IFRS
FYE Mar 2021	3.7	−15.2%	Cons. · IFRS
FYE Mar 2022	2.2	−39.2%	Cons. · IFRS
FYE Mar 2023	0.7	−70.3%	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	8.0	n/a	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 ¥24bn

CAGR · 10 yrs +11.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	9.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.3	+3.3%	Cons. · Japanese GAAP
FYE Mar 2019	14.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	15.0	+2.6%	Cons. · IFRS
FYE Mar 2021	13.5	−9.8%	Cons. · IFRS
FYE Mar 2022	11.9	−12.1%	Cons. · IFRS
FYE Mar 2023	11.8	−0.8%	Cons. · IFRS
FYE Mar 2024	12.6	+6.8%	Cons. · IFRS
FYE Mar 2025	12.3	−2.7%	Cons. · IFRS
FYE Mar 2026	24.2	+97.1%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥31bn

CAGR · 10 yrs +44.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.0	−16.1%	Cons. · Japanese GAAP
FYE Mar 2019	4.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.9	+23.2%	Cons. · IFRS
FYE Mar 2021	6.1	+2.3%	Cons. · IFRS
FYE Mar 2022	6.3	+3.0%	Cons. · IFRS
FYE Mar 2023	6.4	+2.8%	Cons. · IFRS
FYE Mar 2024	6.8	+5.5%	Cons. · IFRS
FYE Mar 2025	6.7	−0.5%	Cons. · IFRS
FYE Mar 2026	31.1	+360.9%	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 68.7%

Average · 10 yrs 77.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	78.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	78.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	78.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	76.6	−1.6pp	Cons. · IFRS
FYE Mar 2021	79.6	+3.0pp	Cons. · IFRS
FYE Mar 2022	77.4	−2.2pp	Cons. · IFRS
FYE Mar 2023	77.2	−0.2pp	Cons. · IFRS
FYE Mar 2024	77.1	−0.1pp	Cons. · IFRS
FYE Mar 2025	79.2	+2.1pp	Cons. · IFRS
FYE Mar 2026	68.7	−10.5pp	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 15.2%

Average · 10 yrs 4.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	2.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.0	+2.7pp	Cons. · IFRS
FYE Mar 2021	3.4	−1.6pp	Cons. · IFRS
FYE Mar 2022	1.5	−1.9pp	Cons. · IFRS
FYE Mar 2023	1.1	−0.4pp	Cons. · IFRS
FYE Mar 2024	1.6	+0.5pp	Cons. · IFRS
FYE Mar 2025	2.1	+0.6pp	Cons. · IFRS
FYE Mar 2026	15.2	+13.1pp	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 5.8%

Average · 10 yrs 6.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	7.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.5	−1.9pp	Cons. · IFRS
FYE Mar 2021	4.2	−1.3pp	Cons. · IFRS
FYE Mar 2022	5.8	+1.7pp	Cons. · IFRS
FYE Mar 2023	6.8	+1.0pp	Cons. · IFRS
FYE Mar 2024	7.7	+0.9pp	Cons. · IFRS
FYE Mar 2025	6.3	−1.4pp	Cons. · IFRS
FYE Mar 2026	5.8	−0.5pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.0%

Average · 10 yrs 4.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.4	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	5.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.2	−1.6pp	Cons. · IFRS
FYE Mar 2021	3.3	−0.9pp	Cons. · IFRS
FYE Mar 2022	4.5	+1.2pp	Cons. · IFRS
FYE Mar 2023	5.3	+0.8pp	Cons. · IFRS
FYE Mar 2024	6.0	+0.7pp	Cons. · IFRS
FYE Mar 2025	5.0	−1.0pp	Cons. · IFRS
FYE Mar 2026	4.0	−1.0pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.57×

CAGR · 10 yrs +0.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.52	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.54	+3.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.59	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.57	−3.1%	Cons. · IFRS
FYE Mar 2021	0.45	−21.6%	Cons. · IFRS
FYE Mar 2022	0.51	+13.2%	Cons. · IFRS
FYE Mar 2023	0.56	+11.0%	Cons. · IFRS
FYE Mar 2024	0.59	+4.9%	Cons. · IFRS
FYE Mar 2025	0.61	+3.0%	Cons. · IFRS
FYE Mar 2026	0.57	−7.2%	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 ¥58bn

CAGR · 10 yrs +9.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	26.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.4	+24.5%	Cons. · Japanese GAAP
FYE Mar 2019	40.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	32.5	−19.0%	Cons. · IFRS
FYE Mar 2021	57.6	+77.4%	Cons. · IFRS
FYE Mar 2022	56.9	−1.2%	Cons. · IFRS
FYE Mar 2023	24.9	−56.1%	Cons. · IFRS
FYE Mar 2024	47.6	+90.8%	Cons. · IFRS
FYE Mar 2025	46.2	−2.9%	Cons. · IFRS
FYE Mar 2026	58.1	+25.7%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥25bn

Average · 10 yrs -¥16bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-18.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-27.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-31.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-20.9	n/a	Cons. · IFRS
FYE Mar 2021	-8.7	n/a	Cons. · IFRS
FYE Mar 2022	-7.9	n/a	Cons. · IFRS
FYE Mar 2023	-13.3	n/a	Cons. · IFRS
FYE Mar 2024	-15.2	n/a	Cons. · IFRS
FYE Mar 2025	7.9	n/a	Cons. · IFRS
FYE Mar 2026	-25.2	−420.6%	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 ¥14bn

Average · 10 yrs -¥23bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-28.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-17.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-31.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-18.9	n/a	Cons. · IFRS
FYE Mar 2021	-22.9	n/a	Cons. · IFRS
FYE Mar 2022	-22.3	n/a	Cons. · IFRS
FYE Mar 2023	-20.4	n/a	Cons. · IFRS
FYE Mar 2024	-38.1	n/a	Cons. · IFRS
FYE Mar 2025	-42.4	n/a	Cons. · IFRS
FYE Mar 2026	13.7	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 ¥154bn

CAGR · 10 yrs +6.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	89.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	78.2	−12.3%	Cons. · Japanese GAAP
FYE Mar 2019	54.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	47.2	−13.0%	Cons. · IFRS
FYE Mar 2021	75.9	+60.8%	Cons. · IFRS
FYE Mar 2022	107	+40.8%	Cons. · IFRS
FYE Mar 2023	98.6	−7.7%	Cons. · IFRS
FYE Mar 2024	93.4	−5.2%	Cons. · IFRS
FYE Mar 2025	105	+12.2%	Cons. · IFRS
FYE Mar 2026	154	+46.5%	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 ¥33bn

CAGR · 10 yrs +17.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.5	−32.0%	Cons. · Japanese GAAP
FYE Mar 2019	9.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.5	+28.4%	Cons. · IFRS
FYE Mar 2021	48.9	+324.4%	Cons. · IFRS
FYE Mar 2022	48.9	+0.2%	Cons. · IFRS
FYE Mar 2023	11.6	−76.2%	Cons. · IFRS
FYE Mar 2024	32.4	+178.7%	Cons. · IFRS
FYE Mar 2025	54.0	+66.8%	Cons. · IFRS
FYE Mar 2026	32.9	−39.1%	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 13.3%

Average · 10 yrs 12.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.7	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	11.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	10.1	−1.7pp	Cons. · IFRS
FYE Mar 2021	23.0	+12.9pp	Cons. · IFRS
FYE Mar 2022	18.2	−4.8pp	Cons. · IFRS
FYE Mar 2023	6.8	−11.4pp	Cons. · IFRS
FYE Mar 2024	11.8	+5.0pp	Cons. · IFRS
FYE Mar 2025	11.6	−0.2pp	Cons. · IFRS
FYE Mar 2026	13.3	+1.6pp	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 ¥73bn

CAGR · 10 yrs +0.1%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	72.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	62.6	−13.2%	Cons. · Japanese GAAP
FYE Mar 2019	44.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	25.9	−41.5%	Cons. · IFRS
FYE Mar 2021	61.0	+135.0%	Cons. · IFRS
FYE Mar 2022	99.7	+63.6%	Cons. · IFRS
FYE Mar 2023	93.2	−6.5%	Cons. · IFRS
FYE Mar 2024	85.2	−8.6%	Cons. · IFRS
FYE Mar 2025	93.9	+10.2%	Cons. · IFRS
FYE Mar 2026	72.8	−22.4%	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 ¥687bn

Change · 10 yrs +¥208bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	480	n/a
FYE Mar 2018	487	n/a
FYE Mar 2019	404	n/a
FYE Mar 2020	305	n/a
FYE Mar 2021	443	n/a
FYE Mar 2022	390	n/a
FYE Mar 2023	445	n/a
FYE Mar 2024	584	n/a
FYE Mar 2025	476	n/a
FYE Mar 2026	687	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 2,165¥

Change · 10 yrs +897¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,268	n/a
FYE Mar 2018	1,289	n/a
FYE Mar 2019	1,098	n/a
FYE Mar 2020	850	n/a
FYE Mar 2021	1,234	n/a
FYE Mar 2022	1,086	n/a
FYE Mar 2023	1,238	n/a
FYE Mar 2024	1,713	n/a
FYE Mar 2025	1,451	n/a
FYE Mar 2026	2,165	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 317,451,000shares

Change · 10 yrs −60,664,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	378,115,000	Parent
FYE Mar 2018	378,115,000	Parent
FYE Mar 2019	368,115,000	Parent
FYE Mar 2020	359,115,000	Parent
FYE Mar 2021	359,115,000	Parent
FYE Mar 2022	359,115,000	Parent
FYE Mar 2023	359,115,000	Parent
FYE Mar 2024	341,115,000	Parent
FYE Mar 2025	328,173,000	Parent
FYE Mar 2026	317,451,000	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 96.67¥

Change · 10 yrs +25.82¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	70.85	Cons.
FYE Mar 2018	74.07	Cons.
FYE Mar 2019	91.50	Cons.
FYE Mar 2020	65.91	Cons.
FYE Mar 2021	53.40	Cons.
FYE Mar 2022	79.88	Cons.
FYE Mar 2023	98.25	Cons.
FYE Mar 2024	118.95	Cons.
FYE Mar 2025	98.72	Cons.
FYE Mar 2026	96.67	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 1,671.36¥

Change · 10 yrs +568.97¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,102.40	Cons. · Japanese GAAP
FYE Mar 2018	1,151.10	Cons. · Japanese GAAP
FYE Mar 2019	1,215.18	Cons. · IFRS
FYE Mar 2020	1,190.80	Cons. · IFRS
FYE Mar 2021	1,234.54	Cons. · IFRS
FYE Mar 2022	1,324.21	Cons. · IFRS
FYE Mar 2023	1,391.57	Cons. · IFRS
FYE Mar 2024	1,538.85	Cons. · IFRS
FYE Mar 2025	1,568.30	Cons. · IFRS
FYE Mar 2026	1,671.36	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 22.40×

Average · 10 yrs 16.10×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.90	Cons.
FYE Mar 2018	17.40	Cons.
FYE Mar 2019	12.00	Cons.
FYE Mar 2020	12.90	Cons.
FYE Mar 2021	23.10	Cons.
FYE Mar 2022	13.60	Cons.
FYE Mar 2023	12.60	Cons.
FYE Mar 2024	14.40	Cons.
FYE Mar 2025	14.70	Cons.
FYE Mar 2026	22.40	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 1.26×

Average · 10 yrs 0.96×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.11	Cons.
FYE Mar 2018	1.09	Cons.
FYE Mar 2019	0.89	Cons.
FYE Mar 2020	0.69	Cons.
FYE Mar 2021	0.96	Cons.
FYE Mar 2022	0.79	Cons.
FYE Mar 2023	0.85	Cons.
FYE Mar 2024	1.08	Cons.
FYE Mar 2025	0.90	Cons.
FYE Mar 2026	1.26	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 9,872people

Change · 10 yrs +1,867 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	8,005	n/a	Cons.
FYE Mar 2018	8,228	+2.8%	Cons.
FYE Mar 2019	9,256	+12.5%	Cons.
FYE Mar 2020	9,531	+3.0%	Cons.
FYE Mar 2021	8,906	−6.6%	Cons.
FYE Mar 2022	8,774	−1.5%	Cons.
FYE Mar 2023	8,958	+2.1%	Cons.
FYE Mar 2024	9,005	+0.5%	Cons.
FYE Mar 2025	8,997	−0.1%	Cons.
FYE Mar 2026	9,872	+9.7%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 2,842people

Change · 10 yrs +2,601 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	241	n/a	Parent
FYE Mar 2018	179	−25.7%	Parent
FYE Mar 2019	240	+34.1%	Parent
FYE Mar 2020	257	+7.1%	Parent
FYE Mar 2021	2,676	+941.2%	Parent
FYE Mar 2022	2,554	−4.6%	Parent
FYE Mar 2023	2,550	−0.2%	Parent
FYE Mar 2024	2,649	+3.9%	Parent
FYE Mar 2025	2,875	+8.5%	Parent
FYE Mar 2026	2,842	−1.1%	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 · 10 yrs −¥0.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.9	n/a	Parent
FYE Mar 2018	7.5	−4.9%	Parent
FYE Mar 2019	7.3	−3.5%	Parent
FYE Mar 2020	7.3	+0.2%	Parent
FYE Mar 2021	6.5	−11.2%	Parent
FYE Mar 2022	6.4	−1.8%	Parent
FYE Mar 2023	6.7	+5.1%	Parent
FYE Mar 2024	7.0	+4.4%	Parent
FYE Mar 2025	7.3	+5.5%	Parent
FYE Mar 2026	7.4	+0.9%	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 44.6years

Change · 8 yrs +1.0 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	43.6	n/a	Parent
FYE Mar 2020	43.2	−0.9%	Parent
FYE Mar 2021	43.2	−0.0%	Parent
FYE Mar 2022	43.2	−0.0%	Parent
FYE Mar 2023	43.4	+0.5%	Parent
FYE Mar 2024	43.7	+0.7%	Parent
FYE Mar 2025	44.3	+1.4%	Parent
FYE Mar 2026	44.6	+0.7%	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 18.5years

Change · 10 yrs −1.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.7	n/a	Parent
FYE Mar 2018	18.4	−6.6%	Parent
FYE Mar 2019	17.5	−4.9%	Parent
FYE Mar 2020	16.9	−3.4%	Parent
FYE Mar 2021	18.7	+10.7%	Parent
FYE Mar 2022	17.6	−5.9%	Parent
FYE Mar 2023	17.6	−0.0%	Parent
FYE Mar 2024	17.9	+1.7%	Parent
FYE Mar 2025	18.3	+2.2%	Parent
FYE Mar 2026	18.5	+1.1%	Parent

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

Revenue per employee

FYE Mar 2026 ¥44.3m

Change · 10 yrs +¥9.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	34.8	n/a	Cons.
FYE Mar 2018	36.7	+5.3%	Cons.
FYE Mar 2019	36.6	n/a	Cons.
FYE Mar 2020	33.6	−8.2%	Cons.
FYE Mar 2021	28.1	−16.3%	Cons.
FYE Mar 2022	35.6	+26.7%	Cons.
FYE Mar 2023	40.8	+14.6%	Cons.
FYE Mar 2024	44.8	+9.8%	Cons.
FYE Mar 2025	44.1	−1.6%	Cons.
FYE Mar 2026	44.3	+0.5%	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 +¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	4.1	n/a	Cons.
FYE Mar 2018	4.8	+17.0%	Cons.
FYE Mar 2019	4.9	n/a	Cons.
FYE Mar 2020	3.6	−25.4%	Cons.
FYE Mar 2021	3.0	−17.6%	Cons.
FYE Mar 2022	4.4	+46.5%	Cons.
FYE Mar 2023	5.6	+26.7%	Cons.
FYE Mar 2024	6.3	+12.7%	Cons.
FYE Mar 2025	5.5	−13.1%	Cons.
FYE Mar 2026	4.5	−16.8%	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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