Financials

Union Tool: FYE Dec 2025 and ten years of results (43 metrics)

FYE Dec 2025 · Revenue¥40bnYoY +23.2%

FYE Dec 2025 · Operating profit¥8.7bnYoY +26.9%

FYE Dec 2025 · Net profit¥6.1bnYoY +15.7%

FYE Dec 2025 · Equity ratio90.7%YoY −2.0pp

FYE Dec 2025 · Group employees1,530YoY +76

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥21bn	n/a	¥3.0bn	n/a	14.7%	¥2.1bn	Odaira Hiroshi	Second Mitsuke plant for end mills
FYE Dec 2017Consolidated	¥23bn	+12.1%	¥3.8bn	+23.8%	16.2%	¥2.7bn	Odaira Hiroshi	On-site nursery open to the community at Nagaoka
FYE Dec 2018Consolidated	¥25bn	+5.4%	¥4.2bn	+10.6%	17.0%	¥3.2bn	Odaira Hiroshi	—
FYE Dec 2019Consolidated	¥23bn	−6.7%	¥3.1bn	−26.4%	13.4%	¥2.4bn	Odaira Hiroshi	—
FYE Dec 2020Consolidated	¥23bn	−0.3%	¥2.9bn	−6.8%	12.6%	¥2.5bn	Odaira Hiroshi	—
FYE Dec 2021Consolidated	¥28bn	+23.5%	¥5.4bn	+89.6%	19.3%	¥3.8bn	Odaira Hiroshi	<em>V series</em> carbide end mill
FYE Dec 2022Consolidated	¥29bn	+3.3%	¥6.2bn	+14.0%	21.3%	¥5.0bn	Odaira Hiroshi	Moves to the TSE Prime Market
FYE Dec 2023Consolidated	¥25bn	−12.9%	¥3.8bn	−39.0%	14.9%	¥3.1bn	Odaira Hiroshi	—
FYE Dec 2024Consolidated	¥33bn	+28.7%	¥6.9bn	+82.1%	21.1%	¥5.3bn	Odaira Hiroshi	Third Mitsuke plant — end-mill capacity up 2.5x
FYE Dec 2025Consolidated	¥40bn	+23.2%	¥8.7bn	+26.9%	21.7%	¥6.1bn	Odaira Hiroshi	<a class="en-history_person" href="/tse/6278/executives/ceo/watanabe-yuji/" hreflang="ja">Watanabe Yuji</a> becomes president; record revenue

How it compares

Minebea Mitsumi¥1.66tnFY2025Operating margin 6.2%Shimano¥466bnFY2025Operating margin 11.1%Misumi Group¥441bnFY2025Operating margin 10.8%

NABTESCO CORPORATION¥308bnFY2025Operating margin 6.7%

TSUBAKIMOTO CHAIN CO.¥296bnFY2025Operating margin 7.3%

THK¥240bnFY2025Operating margin 6.0%

NIKKISO CO., LTD.¥216bnFY2025Operating margin 7.1%

Oiresukougyou¥68bnFY2024Operating margin 10.3%

Harmonic Drive Systems Inc.¥60bnFY2025Operating margin 4.3%

PILLAR Corporation¥59bnFY2025Operating margin 20.4%

Union Tool¥40bnFY2025Operating margin 21.7%

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 Dec 2025 ¥40bn

CAGR · 10 yrs +7.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	20.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	23.3	+12.1%	Cons. · Japanese GAAP
FYE Dec 2018	24.5	+5.4%	Cons. · Japanese GAAP
FYE Dec 2019	22.9	−6.7%	Cons. · Japanese GAAP
FYE Dec 2020	22.8	−0.3%	Cons. · Japanese GAAP
FYE Dec 2021	28.2	+23.5%	Cons. · Japanese GAAP
FYE Dec 2022	29.1	+3.3%	Cons. · Japanese GAAP
FYE Dec 2023	25.3	−12.9%	Cons. · Japanese GAAP
FYE Dec 2024	32.6	+28.7%	Cons. · Japanese GAAP
FYE Dec 2025	40.2	+23.2%	Cons. · Japanese GAAP

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Dec 2025 ¥24bn

CAGR · 10 yrs +7.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	13.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.8	+12.8%	Cons. · Japanese GAAP
FYE Dec 2018	15.6	+5.5%	Cons. · Japanese GAAP
FYE Dec 2019	15.3	−2.0%	Cons. · Japanese GAAP
FYE Dec 2020	15.5	+1.2%	Cons. · Japanese GAAP
FYE Dec 2021	17.6	+13.5%	Cons. · Japanese GAAP
FYE Dec 2022	17.5	−0.4%	Cons. · Japanese GAAP
FYE Dec 2023	16.4	−6.7%	Cons. · Japanese GAAP
FYE Dec 2024	19.5	+19.1%	Cons. · Japanese GAAP
FYE Dec 2025	24.1	+23.7%	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 Dec 2025 ¥16bn

CAGR · 10 yrs +8.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	7.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.4	+10.9%	Cons. · Japanese GAAP
FYE Dec 2018	8.9	+5.1%	Cons. · Japanese GAAP
FYE Dec 2019	7.6	−14.8%	Cons. · Japanese GAAP
FYE Dec 2020	7.3	−3.3%	Cons. · Japanese GAAP
FYE Dec 2021	10.6	+44.8%	Cons. · Japanese GAAP
FYE Dec 2022	11.6	+9.3%	Cons. · Japanese GAAP
FYE Dec 2023	9.0	−22.3%	Cons. · Japanese GAAP
FYE Dec 2024	13.1	+46.1%	Cons. · Japanese GAAP
FYE Dec 2025	16.1	+22.5%	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 Dec 2025 ¥7.4bn

CAGR · 10 yrs +5.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	4.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.7	+2.2%	Cons. · Japanese GAAP
FYE Dec 2018	4.7	+0.7%	Cons. · Japanese GAAP
FYE Dec 2019	4.5	−4.6%	Cons. · Japanese GAAP
FYE Dec 2020	4.4	−0.8%	Cons. · Japanese GAAP
FYE Dec 2021	5.1	+15.9%	Cons. · Japanese GAAP
FYE Dec 2022	5.4	+4.4%	Cons. · Japanese GAAP
FYE Dec 2023	5.2	−3.0%	Cons. · Japanese GAAP
FYE Dec 2024	6.3	+20.1%	Cons. · Japanese GAAP
FYE Dec 2025	7.4	+17.6%	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 Dec 2025 ¥8.7bn

CAGR · 10 yrs +12.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	3.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.8	+23.8%	Cons. · Japanese GAAP
FYE Dec 2018	4.2	+10.6%	Cons. · Japanese GAAP
FYE Dec 2019	3.1	−26.4%	Cons. · Japanese GAAP
FYE Dec 2020	2.9	−6.8%	Cons. · Japanese GAAP
FYE Dec 2021	5.4	+89.6%	Cons. · Japanese GAAP
FYE Dec 2022	6.2	+14.0%	Cons. · Japanese GAAP
FYE Dec 2023	3.8	−39.0%	Cons. · Japanese GAAP
FYE Dec 2024	6.9	+82.1%	Cons. · Japanese GAAP
FYE Dec 2025	8.7	+26.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥539m

CAGR · 10 yrs +6.2%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Dec 2016	313	n/a	Cons. · Japanese GAAP
FYE Dec 2017	401	+28.3%	Cons. · Japanese GAAP
FYE Dec 2018	323	−19.6%	Cons. · Japanese GAAP
FYE Dec 2019	336	+4.2%	Cons. · Japanese GAAP
FYE Dec 2020	350	+4.1%	Cons. · Japanese GAAP
FYE Dec 2021	318	−9.1%	Cons. · Japanese GAAP
FYE Dec 2022	779	+145.0%	Cons. · Japanese GAAP
FYE Dec 2023	519	−33.4%	Cons. · Japanese GAAP
FYE Dec 2024	498	−4.0%	Cons. · Japanese GAAP
FYE Dec 2025	539	+8.2%	Cons. · Japanese GAAP

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Dec 2025 ¥1.1bn

CAGR · 10 yrs +9.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	0.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.5	−8.9%	Cons. · Japanese GAAP
FYE Dec 2018	0.2	−62.4%	Cons. · Japanese GAAP
FYE Dec 2019	0.4	+159.6%	Cons. · Japanese GAAP
FYE Dec 2020	0.4	−15.6%	Cons. · Japanese GAAP
FYE Dec 2021	0.3	−9.5%	Cons. · Japanese GAAP
FYE Dec 2022	0.2	−32.0%	Cons. · Japanese GAAP
FYE Dec 2023	0.2	−3.4%	Cons. · Japanese GAAP
FYE Dec 2024	0.2	+8.9%	Cons. · Japanese GAAP
FYE Dec 2025	1.1	+363.5%	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 Dec 2025 ¥8.1bn

CAGR · 10 yrs +12.3%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	2.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.7	+30.0%	Cons. · Japanese GAAP
FYE Dec 2018	4.3	+16.4%	Cons. · Japanese GAAP
FYE Dec 2019	3.0	−31.5%	Cons. · Japanese GAAP
FYE Dec 2020	2.8	−4.3%	Cons. · Japanese GAAP
FYE Dec 2021	5.4	+90.7%	Cons. · Japanese GAAP
FYE Dec 2022	6.7	+24.6%	Cons. · Japanese GAAP
FYE Dec 2023	4.1	−39.5%	Cons. · Japanese GAAP
FYE Dec 2024	7.1	+75.1%	Cons. · Japanese GAAP
FYE Dec 2025	8.1	+14.1%	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 Dec 2025 ¥296m

CAGR · 6 yrs +16.0%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2019	141	n/a	Cons. · Japanese GAAP
FYE Dec 2020	762	+441.1%	Cons. · Japanese GAAP
FYE Dec 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2022	820	n/a	Cons. · Japanese GAAP
FYE Dec 2023	46.0	−94.4%	Cons. · Japanese GAAP
FYE Dec 2024	22.0	−52.2%	Cons. · Japanese GAAP
FYE Dec 2025	296	+1245.5%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥6.1bn

CAGR · 10 yrs +12.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	2.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.7	+24.3%	Cons. · Japanese GAAP
FYE Dec 2018	3.2	+21.6%	Cons. · Japanese GAAP
FYE Dec 2019	2.4	−26.2%	Cons. · Japanese GAAP
FYE Dec 2020	2.5	+6.5%	Cons. · Japanese GAAP
FYE Dec 2021	3.8	+49.8%	Cons. · Japanese GAAP
FYE Dec 2022	5.0	+31.4%	Cons. · Japanese GAAP
FYE Dec 2023	3.1	−38.4%	Cons. · Japanese GAAP
FYE Dec 2024	5.3	+71.7%	Cons. · Japanese GAAP
FYE Dec 2025	6.1	+15.7%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 40.0%

Average · 10 yrs 36.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	36.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	36.2	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2018	36.2	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2019	33.0	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2020	32.0	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	37.5	+5.5pp	Cons. · Japanese GAAP
FYE Dec 2022	39.7	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2023	35.5	−4.3pp	Cons. · Japanese GAAP
FYE Dec 2024	40.3	+4.8pp	Cons. · Japanese GAAP
FYE Dec 2025	40.0	−0.2pp	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 Dec 2025 21.7%

Average · 10 yrs 17.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	14.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.2	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2018	17.0	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2019	13.4	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2020	12.6	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2021	19.3	+6.7pp	Cons. · Japanese GAAP
FYE Dec 2022	21.3	+2.0pp	Cons. · Japanese GAAP
FYE Dec 2023	14.9	−6.4pp	Cons. · Japanese GAAP
FYE Dec 2024	21.1	+6.2pp	Cons. · Japanese GAAP
FYE Dec 2025	21.7	+0.6pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Dec 2025 20.3%

Average · 10 yrs 17.3%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	13.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.0	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2018	17.6	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2019	13.0	−4.7pp	Cons. · Japanese GAAP
FYE Dec 2020	12.4	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2021	19.2	+6.8pp	Cons. · Japanese GAAP
FYE Dec 2022	23.2	+4.0pp	Cons. · Japanese GAAP
FYE Dec 2023	16.1	−7.1pp	Cons. · Japanese GAAP
FYE Dec 2024	21.9	+5.8pp	Cons. · Japanese GAAP
FYE Dec 2025	20.3	−1.6pp	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 Dec 2025 15.2%

Average · 10 yrs 13.1%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	10.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.4	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2018	13.2	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2019	10.4	−2.8pp	Cons. · Japanese GAAP
FYE Dec 2020	11.1	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	13.5	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2022	17.2	+3.7pp	Cons. · Japanese GAAP
FYE Dec 2023	12.1	−5.0pp	Cons. · Japanese GAAP
FYE Dec 2024	16.2	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2025	15.2	−1.0pp	Cons. · Japanese GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Dec 2025 60.0%

Average · 10 yrs 63.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	63.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	63.8	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2018	63.8	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2019	67.0	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2020	68.0	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	62.5	−5.5pp	Cons. · Japanese GAAP
FYE Dec 2022	60.3	−2.2pp	Cons. · Japanese GAAP
FYE Dec 2023	64.5	+4.3pp	Cons. · Japanese GAAP
FYE Dec 2024	59.7	−4.8pp	Cons. · Japanese GAAP
FYE Dec 2025	60.0	+0.2pp	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 Dec 2025 18.3%

Average · 10 yrs 19.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	22.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	20.0	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	19.1	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2019	19.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	19.5	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2021	18.3	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2022	18.5	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	20.6	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2024	19.2	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2025	18.3	−0.9pp	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

Total assets

FYE Dec 2025 ¥88bn

CAGR · 10 yrs +5.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	52.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	57.1	+8.6%	Cons. · Japanese GAAP
FYE Dec 2018	56.5	−1.0%	Cons. · Japanese GAAP
FYE Dec 2019	57.4	+1.7%	Cons. · Japanese GAAP
FYE Dec 2020	58.0	+1.1%	Cons. · Japanese GAAP
FYE Dec 2021	64.5	+11.2%	Cons. · Japanese GAAP
FYE Dec 2022	69.1	+7.1%	Cons. · Japanese GAAP
FYE Dec 2023	70.6	+2.1%	Cons. · Japanese GAAP
FYE Dec 2024	78.9	+11.7%	Cons. · Japanese GAAP
FYE Dec 2025	88.2	+11.8%	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 Dec 2025 ¥80bn

CAGR · 10 yrs +5.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	49.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	52.4	+6.5%	Cons. · Japanese GAAP
FYE Dec 2018	52.0	−0.9%	Cons. · Japanese GAAP
FYE Dec 2019	53.6	+3.0%	Cons. · Japanese GAAP
FYE Dec 2020	54.0	+0.8%	Cons. · Japanese GAAP
FYE Dec 2021	59.1	+9.4%	Cons. · Japanese GAAP
FYE Dec 2022	63.6	+7.7%	Cons. · Japanese GAAP
FYE Dec 2023	67.3	+5.7%	Cons. · Japanese GAAP
FYE Dec 2024	73.1	+8.7%	Cons. · Japanese GAAP
FYE Dec 2025	80.0	+9.4%	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 Dec 2025 ¥109m

CAGR · 10 yrs +0.4%

Fiscal year	Intangible assets ¥ m	YoY	Basis
FYE Dec 2016	105	n/a	Cons. · Japanese GAAP
FYE Dec 2017	84.0	−19.8%	Cons. · Japanese GAAP
FYE Dec 2018	84.3	+0.3%	Cons. · Japanese GAAP
FYE Dec 2019	89.7	+6.4%	Cons. · Japanese GAAP
FYE Dec 2020	66.0	−26.4%	Cons. · Japanese GAAP
FYE Dec 2021	69.0	+4.5%	Cons. · Japanese GAAP
FYE Dec 2022	60.0	−13.0%	Cons. · Japanese GAAP
FYE Dec 2023	84.0	+40.0%	Cons. · Japanese GAAP
FYE Dec 2024	74.0	−11.9%	Cons. · Japanese GAAP
FYE Dec 2025	109	+47.3%	Cons. · Japanese GAAP

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

Equity ratio

FYE Dec 2025 90.7%

Average · 10 yrs 92.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	93.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	91.9	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2018	92.0	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	93.3	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2020	93.0	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2021	91.5	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2022	92.0	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2023	95.3	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2024	92.7	−2.6pp	Cons. · Japanese GAAP
FYE Dec 2025	90.7	−2.0pp	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 Dec 2025 7.6%

Average · 10 yrs 5.8%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	4.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.1	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	6.2	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2019	4.4	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2020	4.7	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2021	6.4	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2022	7.9	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2023	4.6	−3.3pp	Cons. · Japanese GAAP
FYE Dec 2024	7.2	+2.7pp	Cons. · Japanese GAAP
FYE Dec 2025	7.6	+0.4pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 6.9%

Average · 10 yrs 5.4%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	4.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.7	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	5.7	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2019	4.2	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2020	4.4	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2021	5.9	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2022	7.2	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	4.4	−2.9pp	Cons. · Japanese GAAP
FYE Dec 2024	6.7	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2025	6.9	+0.2pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.46×

CAGR · 10 yrs +1.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.40	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.41	+3.2%	Cons. · Japanese GAAP
FYE Dec 2018	0.43	+6.5%	Cons. · Japanese GAAP
FYE Dec 2019	0.40	−8.2%	Cons. · Japanese GAAP
FYE Dec 2020	0.39	−1.3%	Cons. · Japanese GAAP
FYE Dec 2021	0.44	+11.0%	Cons. · Japanese GAAP
FYE Dec 2022	0.42	−3.6%	Cons. · Japanese GAAP
FYE Dec 2023	0.36	−14.7%	Cons. · Japanese GAAP
FYE Dec 2024	0.41	+15.2%	Cons. · Japanese GAAP
FYE Dec 2025	0.46	+10.1%	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

Operating cash flow

FYE Dec 2025 ¥7.5bn

CAGR · 10 yrs +8.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	3.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.9	+35.3%	Cons. · Japanese GAAP
FYE Dec 2018	4.6	−7.5%	Cons. · Japanese GAAP
FYE Dec 2019	5.0	+10.7%	Cons. · Japanese GAAP
FYE Dec 2020	5.1	+0.6%	Cons. · Japanese GAAP
FYE Dec 2021	5.8	+14.9%	Cons. · Japanese GAAP
FYE Dec 2022	6.7	+15.1%	Cons. · Japanese GAAP
FYE Dec 2023	4.7	−30.1%	Cons. · Japanese GAAP
FYE Dec 2024	7.3	+55.4%	Cons. · Japanese GAAP
FYE Dec 2025	7.5	+3.1%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥6.8bn

Average · 10 yrs -¥3.3bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-3.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-0.9	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-3.5	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-1.9	n/a	Cons. · Japanese GAAP
FYE Dec 2020	0.7	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-3.2	−562.4%	Cons. · Japanese GAAP
FYE Dec 2022	-2.0	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-7.3	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-6.8	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 Dec 2025 -¥2.3bn

Average · 10 yrs -¥1.5bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-1.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-1.3	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-1.0	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-1.1	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-1.1	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-1.4	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-1.6	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-1.6	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-1.7	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-2.3	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 Dec 2025 ¥16bn

CAGR · 10 yrs +11.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	6.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.8	+46.3%	Cons. · Japanese GAAP
FYE Dec 2018	9.0	+2.9%	Cons. · Japanese GAAP
FYE Dec 2019	11.0	+21.3%	Cons. · Japanese GAAP
FYE Dec 2020	15.6	+41.8%	Cons. · Japanese GAAP
FYE Dec 2021	17.2	+10.9%	Cons. · Japanese GAAP
FYE Dec 2022	20.9	+21.4%	Cons. · Japanese GAAP
FYE Dec 2023	19.3	−8.0%	Cons. · Japanese GAAP
FYE Dec 2024	18.0	−6.7%	Cons. · Japanese GAAP
FYE Dec 2025	16.4	−8.6%	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 Dec 2025 ¥0.7bn

CAGR · 10 yrs +11.6%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	0.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.1	+1459.6%	Cons. · Japanese GAAP
FYE Dec 2018	1.1	−73.0%	Cons. · Japanese GAAP
FYE Dec 2019	3.1	+184.6%	Cons. · Japanese GAAP
FYE Dec 2020	5.8	+83.7%	Cons. · Japanese GAAP
FYE Dec 2021	2.7	−53.7%	Cons. · Japanese GAAP
FYE Dec 2022	4.7	+78.2%	Cons. · Japanese GAAP
FYE Dec 2023	-0.3	−106.8%	Cons. · Japanese GAAP
FYE Dec 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2025	0.7	+4928.6%	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 Dec 2025 18.7%

Average · 10 yrs 20.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	17.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	21.2	+3.6pp	Cons. · Japanese GAAP
FYE Dec 2018	18.6	−2.6pp	Cons. · Japanese GAAP
FYE Dec 2019	22.0	+3.5pp	Cons. · Japanese GAAP
FYE Dec 2020	22.2	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2021	20.7	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2022	23.1	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2023	18.5	−4.6pp	Cons. · Japanese GAAP
FYE Dec 2024	22.3	+3.8pp	Cons. · Japanese GAAP
FYE Dec 2025	18.7	−3.6pp	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 Dec 2025 ¥169bn

Change · 10 yrs +¥106bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	63.2	n/a
FYE Dec 2017	86.0	n/a
FYE Dec 2018	57.8	n/a
FYE Dec 2019	67.2	n/a
FYE Dec 2020	61.2	n/a
FYE Dec 2021	78.7	n/a
FYE Dec 2022	63.9	n/a
FYE Dec 2023	66.1	n/a
FYE Dec 2024	99.3	n/a
FYE Dec 2025	169	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 Dec 2025 8,532¥

Change · 10 yrs +5,492¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	3,039	n/a
FYE Dec 2017	4,139	n/a
FYE Dec 2018	2,925	n/a
FYE Dec 2019	3,400	n/a
FYE Dec 2020	3,095	n/a
FYE Dec 2021	3,981	n/a
FYE Dec 2022	3,230	n/a
FYE Dec 2023	3,341	n/a
FYE Dec 2024	5,019	n/a
FYE Dec 2025	8,532	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 Dec 2025 19,780,000shares

Change · 10 yrs −1,008,590 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	20,788,590	Parent
FYE Dec 2017	20,788,590	Parent
FYE Dec 2018	19,780,000	Parent
FYE Dec 2019	19,780,000	Parent
FYE Dec 2020	19,780,000	Parent
FYE Dec 2021	19,780,000	Parent
FYE Dec 2022	19,780,000	Parent
FYE Dec 2023	19,780,000	Parent
FYE Dec 2024	19,780,000	Parent
FYE Dec 2025	19,780,000	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 Dec 2025 353.86¥

Change · 10 yrs +230.66¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	123.20	Cons.
FYE Dec 2017	153.70	Cons.
FYE Dec 2018	186.87	Cons.
FYE Dec 2019	137.97	Cons.
FYE Dec 2020	147.01	Cons.
FYE Dec 2021	220.18	Cons.
FYE Dec 2022	289.21	Cons.
FYE Dec 2023	178.17	Cons.
FYE Dec 2024	305.86	Cons.
FYE Dec 2025	353.86	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Dec 2025 4,044.39¥

Change · 10 yrs +1,676.15¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	2,368.24	Cons. · Japanese GAAP
FYE Dec 2017	2,522.54	Cons. · Japanese GAAP
FYE Dec 2018	2,628.21	Cons. · Japanese GAAP
FYE Dec 2019	2,707.58	Cons. · Japanese GAAP
FYE Dec 2020	2,728.31	Cons. · Japanese GAAP
FYE Dec 2021	2,985.84	Cons. · Japanese GAAP
FYE Dec 2022	3,216.63	Cons. · Japanese GAAP
FYE Dec 2023	3,401.37	Cons. · Japanese GAAP
FYE Dec 2024	3,697.47	Cons. · Japanese GAAP
FYE Dec 2025	4,044.39	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 24.11×

Average · 10 yrs 20.15×

Fiscal year	PER ×	Basis
FYE Dec 2016	24.67	Cons.
FYE Dec 2017	26.93	Cons.
FYE Dec 2018	15.65	Cons.
FYE Dec 2019	24.64	Cons.
FYE Dec 2020	21.05	Cons.
FYE Dec 2021	18.08	Cons.
FYE Dec 2022	11.17	Cons.
FYE Dec 2023	18.75	Cons.
FYE Dec 2024	16.41	Cons.
FYE Dec 2025	24.11	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 Dec 2025 1.86×

Average · 10 yrs 1.14×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.07	Cons.
FYE Dec 2017	1.36	Cons.
FYE Dec 2018	0.97	Cons.
FYE Dec 2019	1.10	Cons.
FYE Dec 2020	0.99	Cons.
FYE Dec 2021	1.16	Cons.
FYE Dec 2022	0.88	Cons.
FYE Dec 2023	0.86	Cons.
FYE Dec 2024	1.19	Cons.
FYE Dec 2025	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 Dec 2025 1,530people

Change · 10 yrs +108 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	1,422	n/a	Cons.
FYE Dec 2017	1,450	+2.0%	Cons.
FYE Dec 2018	1,508	+4.0%	Cons.
FYE Dec 2019	1,483	−1.7%	Cons.
FYE Dec 2020	1,479	−0.3%	Cons.
FYE Dec 2021	1,496	+1.1%	Cons.
FYE Dec 2022	1,486	−0.7%	Cons.
FYE Dec 2023	1,450	−2.4%	Cons.
FYE Dec 2024	1,454	+0.3%	Cons.
FYE Dec 2025	1,530	+5.2%	Cons.

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

Parent-company employees

FYE Dec 2025 905people

Change · 10 yrs +135 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	770	n/a	Parent
FYE Dec 2017	791	+2.7%	Parent
FYE Dec 2018	813	+2.8%	Parent
FYE Dec 2019	821	+1.0%	Parent
FYE Dec 2020	838	+2.1%	Parent
FYE Dec 2021	851	+1.6%	Parent
FYE Dec 2022	854	+0.4%	Parent
FYE Dec 2023	852	−0.2%	Parent
FYE Dec 2024	865	+1.5%	Parent
FYE Dec 2025	905	+4.6%	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 Dec 2025 714万円

Change · 7 yrs +202万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	513	n/a	Parent
FYE Dec 2020	527	+2.7%	Parent
FYE Dec 2021	601	+14.1%	Parent
FYE Dec 2022	613	+2.0%	Parent
FYE Dec 2023	550	−10.2%	Parent
FYE Dec 2024	651	+18.4%	Parent
FYE Dec 2025	714	+9.7%	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 Dec 2025 42.2years

Change · 7 yrs +2.5 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	39.7	n/a	Parent
FYE Dec 2020	40.3	+1.5%	Parent
FYE Dec 2021	40.8	+1.2%	Parent
FYE Dec 2022	41.1	+0.7%	Parent
FYE Dec 2023	41.6	+1.2%	Parent
FYE Dec 2024	42.0	+1.0%	Parent
FYE Dec 2025	42.2	+0.5%	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 Dec 2025 19.2years

Change · 7 yrs +2.0 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	17.2	n/a	Parent
FYE Dec 2020	17.7	+2.9%	Parent
FYE Dec 2021	18.2	+2.8%	Parent
FYE Dec 2022	18.6	+2.2%	Parent
FYE Dec 2023	19.2	+3.2%	Parent
FYE Dec 2024	19.4	+1.0%	Parent
FYE Dec 2025	19.2	−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)

Revenue per employee

FYE Dec 2025 ¥26.3m

Change · 10 yrs +¥11.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	14.6	n/a	Cons.
FYE Dec 2017	16.0	+9.9%	Cons.
FYE Dec 2018	16.3	+1.3%	Cons.
FYE Dec 2019	15.4	−5.1%	Cons.
FYE Dec 2020	15.4	−0.0%	Cons.
FYE Dec 2021	18.8	+22.1%	Cons.
FYE Dec 2022	19.6	+3.9%	Cons.
FYE Dec 2023	17.5	−10.7%	Cons.
FYE Dec 2024	22.4	+28.3%	Cons.
FYE Dec 2025	26.3	+17.1%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥5.7m

Change · 10 yrs +¥3.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	2.1	n/a	Cons.
FYE Dec 2017	2.6	+21.4%	Cons.
FYE Dec 2018	2.8	+6.4%	Cons.
FYE Dec 2019	2.1	−25.1%	Cons.
FYE Dec 2020	1.9	−6.6%	Cons.
FYE Dec 2021	3.6	+87.4%	Cons.
FYE Dec 2022	4.2	+14.8%	Cons.
FYE Dec 2023	2.6	−37.5%	Cons.
FYE Dec 2024	4.7	+81.6%	Cons.
FYE Dec 2025	5.7	+20.6%	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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