Financials

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

FYE Mar 2026 · Revenue¥437bnYoY +11.1%

FYE Mar 2026 · Operating profit¥185bnYoY +10.9%

FYE Mar 2026 · Net profit¥136bnYoY +9.4%

FYE Mar 2026 · Equity ratio79.1%YoY +3.8pp

FYE Mar 2026 · Group employees5,547YoY +291

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥134bn	n/a	¥31bn	n/a	23.4%	¥24bn	Sekiya Kazuma	—
FYE Mar 2018Consolidated	¥167bn	+24.7%	¥51bn	+62.7%	30.5%	¥37bn	Sekiya Kazuma	—
FYE Mar 2019Consolidated	¥148bn	−11.9%	¥39bn	−24.2%	26.2%	¥29bn	Sekiya Kazuma	Nagano site opens; record profits
FYE Mar 2020Consolidated	¥141bn	−4.4%	¥36bn	−5.7%	25.8%	¥28bn	Sekiya Kazuma	—
FYE Mar 2021Consolidated	¥183bn	+29.6%	¥53bn	+45.7%	29.0%	¥39bn	Sekiya Kazuma	—
FYE Mar 2022Consolidated	¥254bn	+38.8%	¥92bn	+72.3%	36.1%	¥66bn	Sekiya Kazuma	—
FYE Mar 2023Consolidated	¥284bn	+12.0%	¥110bn	+20.7%	38.9%	¥83bn	Sekiya Kazuma	Haneda R&D centre; move to the TSE Prime Market
FYE Mar 2024Consolidated	¥308bn	+8.2%	¥121bn	+10.0%	39.5%	¥84bn	Sekiya Kazuma	—
FYE Mar 2025Consolidated	¥393bn	+27.9%	¥167bn	+37.3%	42.4%	¥124bn	Sekiya Kazuma	—
FYE Mar 2026Consolidated	¥437bn	+11.1%	¥185bn	+10.9%	42.3%	¥136bn	Sekiya Kazuma	Record domestic investment for AI-driven demand

How it compares

Disco¥437bnFY2025Operating margin 42.3%

Tokyo Seimitsu (Accretech)¥167bnFY2025Operating margin 20.2%Rorze¥129bnFY2025Operating margin 24.2%Shibaura Mechatronics¥88bnFY2025Operating margin 17.3%

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 ¥437bn

CAGR · 10 yrs +14.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	134	n/a	Cons. · Japanese GAAP
FYE Mar 2018	167	+24.7%	Cons. · Japanese GAAP
FYE Mar 2019	148	−11.9%	Cons. · Japanese GAAP
FYE Mar 2020	141	−4.4%	Cons. · Japanese GAAP
FYE Mar 2021	183	+29.6%	Cons. · Japanese GAAP
FYE Mar 2022	254	+38.8%	Cons. · Japanese GAAP
FYE Mar 2023	284	+12.0%	Cons. · Japanese GAAP
FYE Mar 2024	308	+8.2%	Cons. · Japanese GAAP
FYE Mar 2025	393	+27.9%	Cons. · Japanese GAAP
FYE Mar 2026	437	+11.1%	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 ¥130bn

CAGR · 10 yrs +9.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	59.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	68.2	+14.3%	Cons. · Japanese GAAP
FYE Mar 2019	60.6	−11.2%	Cons. · Japanese GAAP
FYE Mar 2020	56.3	−7.1%	Cons. · Japanese GAAP
FYE Mar 2021	76.0	+35.0%	Cons. · Japanese GAAP
FYE Mar 2022	99.8	+31.3%	Cons. · Japanese GAAP
FYE Mar 2023	99.6	−0.1%	Cons. · Japanese GAAP
FYE Mar 2024	98.9	−0.7%	Cons. · Japanese GAAP
FYE Mar 2025	116	+17.0%	Cons. · Japanese GAAP
FYE Mar 2026	130	+12.7%	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 ¥306bn

CAGR · 10 yrs +17.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	74.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	99.1	+33.1%	Cons. · Japanese GAAP
FYE Mar 2019	86.9	−12.3%	Cons. · Japanese GAAP
FYE Mar 2020	84.8	−2.4%	Cons. · Japanese GAAP
FYE Mar 2021	107	+26.1%	Cons. · Japanese GAAP
FYE Mar 2022	154	+44.1%	Cons. · Japanese GAAP
FYE Mar 2023	185	+19.8%	Cons. · Japanese GAAP
FYE Mar 2024	209	+13.1%	Cons. · Japanese GAAP
FYE Mar 2025	278	+33.0%	Cons. · Japanese GAAP
FYE Mar 2026	306	+10.4%	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 ¥121bn

CAGR · 10 yrs +12.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	43.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.1	+11.5%	Cons. · Japanese GAAP
FYE Mar 2019	48.3	+0.3%	Cons. · Japanese GAAP
FYE Mar 2020	48.3	+0.2%	Cons. · Japanese GAAP
FYE Mar 2021	53.8	+11.2%	Cons. · Japanese GAAP
FYE Mar 2022	62.5	+16.2%	Cons. · Japanese GAAP
FYE Mar 2023	74.1	+18.6%	Cons. · Japanese GAAP
FYE Mar 2024	87.2	+17.6%	Cons. · Japanese GAAP
FYE Mar 2025	111	+27.1%	Cons. · Japanese GAAP
FYE Mar 2026	121	+9.7%	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 ¥185bn

CAGR · 10 yrs +21.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	31.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	51.0	+62.7%	Cons. · Japanese GAAP
FYE Mar 2019	38.6	−24.2%	Cons. · Japanese GAAP
FYE Mar 2020	36.5	−5.7%	Cons. · Japanese GAAP
FYE Mar 2021	53.1	+45.7%	Cons. · Japanese GAAP
FYE Mar 2022	91.5	+72.3%	Cons. · Japanese GAAP
FYE Mar 2023	110	+20.7%	Cons. · Japanese GAAP
FYE Mar 2024	121	+10.0%	Cons. · Japanese GAAP
FYE Mar 2025	167	+37.3%	Cons. · Japanese GAAP
FYE Mar 2026	185	+10.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥2.1bn

CAGR · 10 yrs +15.0%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.1	+245.9%	Cons. · Japanese GAAP
FYE Mar 2019	1.2	−45.2%	Cons. · Japanese GAAP
FYE Mar 2020	2.0	+70.6%	Cons. · Japanese GAAP
FYE Mar 2021	1.1	−44.8%	Cons. · Japanese GAAP
FYE Mar 2022	2.1	+94.9%	Cons. · Japanese GAAP
FYE Mar 2023	2.0	−6.8%	Cons. · Japanese GAAP
FYE Mar 2024	1.8	−6.4%	Cons. · Japanese GAAP
FYE Mar 2025	2.2	+21.6%	Cons. · Japanese GAAP
FYE Mar 2026	2.1	−4.6%	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 ¥2.2bn

CAGR · 10 yrs +28.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.4	+83.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.8	+99.5%	Cons. · Japanese GAAP
FYE Mar 2020	0.1	−86.7%	Cons. · Japanese GAAP
FYE Mar 2021	0.6	+414.5%	Cons. · Japanese GAAP
FYE Mar 2022	1.2	+109.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.0	−95.9%	Cons. · Japanese GAAP
FYE Mar 2024	0.9	+1830.6%	Cons. · Japanese GAAP
FYE Mar 2025	0.1	−85.4%	Cons. · Japanese GAAP
FYE Mar 2026	2.2	+1492.0%	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 ¥185bn

CAGR · 10 yrs +21.6%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	31.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.7	+66.1%	Cons. · Japanese GAAP
FYE Mar 2019	39.0	−26.0%	Cons. · Japanese GAAP
FYE Mar 2020	38.3	−1.7%	Cons. · Japanese GAAP
FYE Mar 2021	53.6	+40.0%	Cons. · Japanese GAAP
FYE Mar 2022	92.4	+72.4%	Cons. · Japanese GAAP
FYE Mar 2023	112	+21.5%	Cons. · Japanese GAAP
FYE Mar 2024	122	+9.0%	Cons. · Japanese GAAP
FYE Mar 2025	169	+38.0%	Cons. · Japanese GAAP
FYE Mar 2026	185	+9.5%	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 ¥10.0m

CAGR · 10 yrs +1.2%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Mar 2017	9.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	105	+1066.7%	Cons. · Japanese GAAP
FYE Mar 2019	229	+118.1%	Cons. · Japanese GAAP
FYE Mar 2020	271	+18.3%	Cons. · Japanese GAAP
FYE Mar 2021	21.0	−92.3%	Cons. · Japanese GAAP
FYE Mar 2022	6.0	−71.4%	Cons. · Japanese GAAP
FYE Mar 2023	669	+11050.0%	Cons. · Japanese GAAP
FYE Mar 2024	11.0	−98.4%	Cons. · Japanese GAAP
FYE Mar 2025	23.0	+109.1%	Cons. · Japanese GAAP
FYE Mar 2026	10.0	−56.5%	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 ¥1.1bn

CAGR · 5 yrs +38.6%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	0.2	−29.9%	Cons. · Japanese GAAP
FYE Mar 2022	0.2	−5.6%	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	0.8	n/a	Cons. · Japanese GAAP
FYE Mar 2026	1.1	+38.4%	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 ¥136bn

CAGR · 10 yrs +21.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	24.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	37.2	+53.6%	Cons. · Japanese GAAP
FYE Mar 2019	28.8	−22.5%	Cons. · Japanese GAAP
FYE Mar 2020	27.7	−4.1%	Cons. · Japanese GAAP
FYE Mar 2021	39.1	+41.4%	Cons. · Japanese GAAP
FYE Mar 2022	66.2	+69.4%	Cons. · Japanese GAAP
FYE Mar 2023	82.9	+25.2%	Cons. · Japanese GAAP
FYE Mar 2024	84.2	+1.6%	Cons. · Japanese GAAP
FYE Mar 2025	124	+47.1%	Cons. · Japanese GAAP
FYE Mar 2026	136	+9.4%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 70.1%

Average · 10 yrs 62.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	55.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	59.2	+3.7pp	Cons. · Japanese GAAP
FYE Mar 2019	58.9	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	60.1	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	58.5	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2022	60.7	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	64.9	+4.2pp	Cons. · Japanese GAAP
FYE Mar 2024	67.8	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2025	70.6	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2026	70.1	−0.4pp	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 42.3%

Average · 10 yrs 33.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	23.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	30.5	+7.1pp	Cons. · Japanese GAAP
FYE Mar 2019	26.2	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2020	25.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	29.0	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2022	36.1	+7.0pp	Cons. · Japanese GAAP
FYE Mar 2023	38.9	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2024	39.5	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	42.4	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2026	42.3	−0.1pp	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 42.3%

Average · 10 yrs 33.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	23.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.5	+7.8pp	Cons. · Japanese GAAP
FYE Mar 2019	26.4	−5.1pp	Cons. · Japanese GAAP
FYE Mar 2020	27.2	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	29.3	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	36.4	+7.1pp	Cons. · Japanese GAAP
FYE Mar 2023	39.5	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2024	39.8	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	43.0	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2026	42.3	−0.6pp	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 31.0%

Average · 10 yrs 24.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	18.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.2	+4.2pp	Cons. · Japanese GAAP
FYE Mar 2019	19.5	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2020	19.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	21.4	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2022	26.1	+4.7pp	Cons. · Japanese GAAP
FYE Mar 2023	29.2	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2024	27.4	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2025	31.5	+4.1pp	Cons. · Japanese GAAP
FYE Mar 2026	31.0	−0.5pp	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 29.9%

Average · 10 yrs 37.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	44.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.8	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2019	41.1	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	39.9	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	41.5	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2022	39.3	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	35.1	−4.2pp	Cons. · Japanese GAAP
FYE Mar 2024	32.2	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2025	29.4	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2026	29.9	+0.4pp	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 27.8%

Average · 10 yrs 29.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	32.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.8	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2019	32.7	+4.0pp	Cons. · Japanese GAAP
FYE Mar 2020	34.3	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	29.4	−4.9pp	Cons. · Japanese GAAP
FYE Mar 2022	24.6	−4.8pp	Cons. · Japanese GAAP
FYE Mar 2023	26.1	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	28.3	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	28.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	27.8	−0.3pp	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 ¥743bn

CAGR · 10 yrs +14.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	226	n/a	Cons. · Japanese GAAP
FYE Mar 2018	256	+13.6%	Cons. · Japanese GAAP
FYE Mar 2019	258	+0.7%	Cons. · Japanese GAAP
FYE Mar 2020	274	+6.3%	Cons. · Japanese GAAP
FYE Mar 2021	329	+19.9%	Cons. · Japanese GAAP
FYE Mar 2022	405	+23.0%	Cons. · Japanese GAAP
FYE Mar 2023	469	+15.9%	Cons. · Japanese GAAP
FYE Mar 2024	556	+18.6%	Cons. · Japanese GAAP
FYE Mar 2025	654	+17.6%	Cons. · Japanese GAAP
FYE Mar 2026	743	+13.7%	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 ¥588bn

CAGR · 10 yrs +14.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	181	n/a	Cons. · Japanese GAAP
FYE Mar 2018	205	+13.2%	Cons. · Japanese GAAP
FYE Mar 2019	220	+7.2%	Cons. · Japanese GAAP
FYE Mar 2020	227	+3.1%	Cons. · Japanese GAAP
FYE Mar 2021	252	+11.2%	Cons. · Japanese GAAP
FYE Mar 2022	294	+16.4%	Cons. · Japanese GAAP
FYE Mar 2023	348	+18.5%	Cons. · Japanese GAAP
FYE Mar 2024	406	+16.8%	Cons. · Japanese GAAP
FYE Mar 2025	492	+21.2%	Cons. · Japanese GAAP
FYE Mar 2026	588	+19.4%	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 ¥250m

CAGR · 10 yrs −9.1%

Fiscal year	Intangible assets ¥ m	YoY	Basis
FYE Mar 2017	588	n/a	Cons. · Japanese GAAP
FYE Mar 2018	511	−13.1%	Cons. · Japanese GAAP
FYE Mar 2019	400	−21.7%	Cons. · Japanese GAAP
FYE Mar 2020	319	−20.2%	Cons. · Japanese GAAP
FYE Mar 2021	283	−11.3%	Cons. · Japanese GAAP
FYE Mar 2022	256	−9.5%	Cons. · Japanese GAAP
FYE Mar 2023	231	−9.8%	Cons. · Japanese GAAP
FYE Mar 2024	261	+13.0%	Cons. · Japanese GAAP
FYE Mar 2025	246	−5.7%	Cons. · Japanese GAAP
FYE Mar 2026	250	+1.6%	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 79.1%

Average · 10 yrs 77.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	80.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	80.0	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	85.2	+5.2pp	Cons. · Japanese GAAP
FYE Mar 2020	82.7	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2021	76.6	−6.0pp	Cons. · Japanese GAAP
FYE Mar 2022	72.6	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2023	74.2	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2024	73.1	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2025	75.3	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	79.1	+3.8pp	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 23.1%

Average · 10 yrs 18.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	13.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.1	+4.8pp	Cons. · Japanese GAAP
FYE Mar 2019	13.1	−5.0pp	Cons. · Japanese GAAP
FYE Mar 2020	12.2	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	15.5	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2022	22.6	+7.1pp	Cons. · Japanese GAAP
FYE Mar 2023	23.8	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2024	20.7	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2025	25.2	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2026	23.1	−2.1pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 18.2%

Average · 10 yrs 14.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.5	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2019	11.2	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2020	10.1	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	11.9	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2022	16.4	+4.5pp	Cons. · Japanese GAAP
FYE Mar 2023	17.7	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2024	15.1	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2025	18.9	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2026	18.2	−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 0.59×

CAGR · 10 yrs −0.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.59	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.65	+9.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.57	−12.5%	Cons. · Japanese GAAP
FYE Mar 2020	0.51	−10.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.56	+8.1%	Cons. · Japanese GAAP
FYE Mar 2022	0.63	+12.9%	Cons. · Japanese GAAP
FYE Mar 2023	0.61	−3.4%	Cons. · Japanese GAAP
FYE Mar 2024	0.55	−8.7%	Cons. · Japanese GAAP
FYE Mar 2025	0.60	+8.7%	Cons. · Japanese GAAP
FYE Mar 2026	0.59	−2.3%	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 ¥134bn

CAGR · 10 yrs +16.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	32.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.7	+54.2%	Cons. · Japanese GAAP
FYE Mar 2019	27.3	−46.2%	Cons. · Japanese GAAP
FYE Mar 2020	31.3	+14.6%	Cons. · Japanese GAAP
FYE Mar 2021	56.7	+81.2%	Cons. · Japanese GAAP
FYE Mar 2022	83.7	+47.5%	Cons. · Japanese GAAP
FYE Mar 2023	81.8	−2.2%	Cons. · Japanese GAAP
FYE Mar 2024	97.5	+19.2%	Cons. · Japanese GAAP
FYE Mar 2025	120	+23.4%	Cons. · Japanese GAAP
FYE Mar 2026	134	+10.9%	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 -¥136bn

Average · 10 yrs -¥35bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-12.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-14.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-25.7	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-13.1	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-43.6	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-13.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-16.4	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-68.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-136	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 -¥45bn

Average · 10 yrs -¥25bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-12.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-24.1	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-13.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-10.6	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-15.8	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-27.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-32.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-30.9	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-38.2	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-45.0	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 ¥185bn

CAGR · 10 yrs +11.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	71.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	85.5	+19.3%	Cons. · Japanese GAAP
FYE Mar 2019	85.4	−0.2%	Cons. · Japanese GAAP
FYE Mar 2020	79.8	−6.5%	Cons. · Japanese GAAP
FYE Mar 2021	110	+37.6%	Cons. · Japanese GAAP
FYE Mar 2022	126	+14.5%	Cons. · Japanese GAAP
FYE Mar 2023	163	+29.6%	Cons. · Japanese GAAP
FYE Mar 2024	215	+32.2%	Cons. · Japanese GAAP
FYE Mar 2025	229	+6.3%	Cons. · Japanese GAAP
FYE Mar 2026	185	−19.5%	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 -¥2.2bn

Average · 10 yrs ¥37bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	26.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	38.1	+43.3%	Cons. · Japanese GAAP
FYE Mar 2019	12.8	−66.4%	Cons. · Japanese GAAP
FYE Mar 2020	5.6	−55.9%	Cons. · Japanese GAAP
FYE Mar 2021	43.6	+673.2%	Cons. · Japanese GAAP
FYE Mar 2022	40.1	−8.1%	Cons. · Japanese GAAP
FYE Mar 2023	68.7	+71.5%	Cons. · Japanese GAAP
FYE Mar 2024	81.1	+18.1%	Cons. · Japanese GAAP
FYE Mar 2025	52.4	−35.5%	Cons. · Japanese GAAP
FYE Mar 2026	-2.2	−104.3%	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 30.6%

Average · 10 yrs 28.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	24.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	30.3	+5.8pp	Cons. · Japanese GAAP
FYE Mar 2019	18.5	−11.8pp	Cons. · Japanese GAAP
FYE Mar 2020	22.2	+3.7pp	Cons. · Japanese GAAP
FYE Mar 2021	31.0	+8.8pp	Cons. · Japanese GAAP
FYE Mar 2022	33.0	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2023	28.8	−4.2pp	Cons. · Japanese GAAP
FYE Mar 2024	31.7	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2025	30.6	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	30.6	−0.0pp	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 ¥6.64tn

Change · 10 yrs +¥6.03tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	608	n/a
FYE Mar 2018	826	n/a
FYE Mar 2019	568	n/a
FYE Mar 2020	769	n/a
FYE Mar 2021	1,252	n/a
FYE Mar 2022	1,239	n/a
FYE Mar 2023	1,658	n/a
FYE Mar 2024	6,199	n/a
FYE Mar 2025	3,235	n/a
FYE Mar 2026	6,643	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 61,242¥

Change · 10 yrs +44,279¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	16,963	n/a
FYE Mar 2018	22,992	n/a
FYE Mar 2019	15,806	n/a
FYE Mar 2020	21,394	n/a
FYE Mar 2021	34,735	n/a
FYE Mar 2022	34,315	n/a
FYE Mar 2023	45,928	n/a
FYE Mar 2024	57,209	n/a
FYE Mar 2025	29,839	n/a
FYE Mar 2026	61,242	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 108,478,000shares

Change · 10 yrs +72,608,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	35,870,000	Parent
FYE Mar 2018	35,927,000	Parent
FYE Mar 2019	35,931,000	Parent
FYE Mar 2020	35,955,000	Parent
FYE Mar 2021	36,059,000	Parent
FYE Mar 2022	36,095,000	Parent
FYE Mar 2023	36,105,000	Parent
FYE Mar 2024	108,364,000	Parent
FYE Mar 2025	108,420,000	Parent
FYE Mar 2026	108,478,000	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 1,249.84¥

Change · 10 yrs +574.02¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	675.82	Cons.
FYE Mar 2018	1,035.67	Cons.
FYE Mar 2019	267.45	Cons.
FYE Mar 2020	256.52	Cons.
FYE Mar 2021	361.82	Cons.
FYE Mar 2022	611.67	Cons.
FYE Mar 2023	765.47	Cons.
FYE Mar 2024	777.29	Cons.
FYE Mar 2025	1,143.26	Cons.
FYE Mar 2026	1,249.84	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 5,418.23¥

Change · 10 yrs +365.96¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	5,052.27	Cons. · Japanese GAAP
FYE Mar 2018	5,710.30	Cons. · Japanese GAAP
FYE Mar 2019	6,121.76	Cons. · Japanese GAAP
FYE Mar 2020	6,306.55	Cons. · Japanese GAAP
FYE Mar 2021	6,992.43	Cons. · Japanese GAAP
FYE Mar 2022	8,132.51	Cons. · Japanese GAAP
FYE Mar 2023	9,632.90	Cons. · Japanese GAAP
FYE Mar 2024	3,750.00	Cons. · Japanese GAAP
FYE Mar 2025	4,541.18	Cons. · Japanese GAAP
FYE Mar 2026	5,418.23	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 49.00×

Average · 10 yrs 31.42×

Fiscal year	PER ×	Basis
FYE Mar 2017	25.10	Cons.
FYE Mar 2018	22.20	Cons.
FYE Mar 2019	19.70	Cons.
FYE Mar 2020	27.80	Cons.
FYE Mar 2021	32.00	Cons.
FYE Mar 2022	18.70	Cons.
FYE Mar 2023	20.00	Cons.
FYE Mar 2024	73.60	Cons.
FYE Mar 2025	26.10	Cons.
FYE Mar 2026	49.00	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 11.32×

Average · 10 yrs 6.06×

Fiscal year	PBR ×	Basis
FYE Mar 2017	3.37	Cons.
FYE Mar 2018	4.04	Cons.
FYE Mar 2019	2.59	Cons.
FYE Mar 2020	3.41	Cons.
FYE Mar 2021	4.99	Cons.
FYE Mar 2022	4.23	Cons.
FYE Mar 2023	4.78	Cons.
FYE Mar 2024	15.30	Cons.
FYE Mar 2025	6.59	Cons.
FYE Mar 2026	11.32	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 5,547people

Change · 10 yrs +2,428 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	3,119	n/a	Cons.
FYE Mar 2018	3,306	+6.0%	Cons.
FYE Mar 2019	3,619	+9.5%	Cons.
FYE Mar 2020	3,863	+6.7%	Cons.
FYE Mar 2021	4,091	+5.9%	Cons.
FYE Mar 2022	4,258	+4.1%	Cons.
FYE Mar 2023	4,553	+6.9%	Cons.
FYE Mar 2024	4,886	+7.3%	Cons.
FYE Mar 2025	5,256	+7.6%	Cons.
FYE Mar 2026	5,547	+5.5%	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 3,687people

Change · 10 yrs +1,578 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,109	n/a	Parent
FYE Mar 2018	2,177	+3.2%	Parent
FYE Mar 2019	2,535	+16.4%	Parent
FYE Mar 2020	2,745	+8.3%	Parent
FYE Mar 2021	2,892	+5.4%	Parent
FYE Mar 2022	2,954	+2.1%	Parent
FYE Mar 2023	3,093	+4.7%	Parent
FYE Mar 2024	3,272	+5.8%	Parent
FYE Mar 2025	3,486	+6.5%	Parent
FYE Mar 2026	3,687	+5.8%	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 ¥18.8m

Change · 9 yrs +¥9.9m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.9	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	9.9	n/a	Parent
FYE Mar 2020	9.5	−4.6%	Parent
FYE Mar 2021	9.7	+2.1%	Parent
FYE Mar 2022	11.4	+18.2%	Parent
FYE Mar 2023	13.3	+16.5%	Parent
FYE Mar 2024	15.1	+13.3%	Parent
FYE Mar 2025	16.7	+10.9%	Parent
FYE Mar 2026	18.8	+12.4%	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 37.2years

Change · 8 yrs −1.2 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	38.4	n/a	Parent
FYE Mar 2020	37.8	−1.6%	Parent
FYE Mar 2021	38.1	+0.8%	Parent
FYE Mar 2022	37.7	−1.0%	Parent
FYE Mar 2023	37.6	−0.3%	Parent
FYE Mar 2024	37.0	−1.6%	Parent
FYE Mar 2025	37.3	+0.8%	Parent
FYE Mar 2026	37.2	−0.3%	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 10.6years

Change · 9 yrs −2.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	12.9	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	11.9	n/a	Parent
FYE Mar 2020	11.4	−4.2%	Parent
FYE Mar 2021	11.9	+4.4%	Parent
FYE Mar 2022	11.3	−5.0%	Parent
FYE Mar 2023	11.1	−1.8%	Parent
FYE Mar 2024	10.6	−4.5%	Parent
FYE Mar 2025	10.7	+0.9%	Parent
FYE Mar 2026	10.6	−0.9%	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 1,846people

Change · 10 yrs +804 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	1,042	n/a	n/a
FYE Mar 2018	1,174	+12.7%	n/a
FYE Mar 2019	1,305	+11.2%	n/a
FYE Mar 2020	1,341	+2.8%	n/a
FYE Mar 2021	1,372	+2.3%	n/a
FYE Mar 2022	1,378	+0.4%	n/a
FYE Mar 2023	1,437	+4.3%	n/a
FYE Mar 2024	1,555	+8.2%	n/a
FYE Mar 2025	1,769	+13.8%	n/a
FYE Mar 2026	1,846	+4.4%	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 ¥78.8m

Change · 10 yrs +¥35.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	43.0	n/a	Cons.
FYE Mar 2018	50.6	+17.7%	Cons.
FYE Mar 2019	40.8	−19.5%	Cons.
FYE Mar 2020	36.5	−10.4%	Cons.
FYE Mar 2021	44.7	+22.4%	Cons.
FYE Mar 2022	59.6	+33.3%	Cons.
FYE Mar 2023	62.4	+4.7%	Cons.
FYE Mar 2024	62.9	+0.9%	Cons.
FYE Mar 2025	74.8	+18.9%	Cons.
FYE Mar 2026	78.8	+5.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥33.3m

Change · 10 yrs +¥23.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	10.0	n/a	Cons.
FYE Mar 2018	15.4	+53.5%	Cons.
FYE Mar 2019	10.7	−30.8%	Cons.
FYE Mar 2020	9.4	−11.6%	Cons.
FYE Mar 2021	13.0	+37.6%	Cons.
FYE Mar 2022	21.5	+65.6%	Cons.
FYE Mar 2023	24.3	+12.8%	Cons.
FYE Mar 2024	24.9	+2.5%	Cons.
FYE Mar 2025	31.7	+27.7%	Cons.
FYE Mar 2026	33.3	+5.1%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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